Swedish fashion retailer Hennes and Mauritz announced Thursday plans to ramp up its expansion in the coming months, even though problems associated with Europe's debt crisis and a heat wave in a number of its key markets capped earnings in the third quarter.
The Stockholm-headquartered group posted a net profit of 3.6 billion kronor ($549 million) in the three months between June and August, up just under 1 percent from 3.59 billion kronor in the year-ago period. Revenue rose to 33.57 billion kronor from 31.51 billion kronor.
The group the world's second-largest clothing retailer in terms of sales after Spain's Inditex, the owner of Massimo Dutti and Zara said its performance was hurt by economic difficulties in many European countries, a late-summer heat wave in much of Europe, as well as currency fluctuations. However, some relief was provided by cheaper cotton prices.