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H&M profit misses consensus by 18.8% in fiscal Q2

H&M Hennes & Mauritz AB said its normalized net income for the fiscal second quarter ended May 31 was 3.19 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 3.92 kronor per share.

EPS rose 10.4% year over year from 2.89 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.27 billion kronor, a gain of 10.4% from 4.78 billion kronor in the prior-year period.

The normalized profit margin declined to 11.5% from 12.6% in the year-earlier period.

Total revenue climbed 21.3% year over year to 45.87 billion kronor from 37.83 billion kronor, and total operating expenses rose 24.0% from the prior-year period to 37.52 billion kronor from 30.26 billion kronor.

Reported net income rose 11.1% from the prior-year period to 6.45 billion kronor, or 3.90 kronor per share, from 5.81 billion kronor, or 3.51 kronor per share.

As of June 25, US$1 was equivalent to 8.26 Swedish kronor.