Stockholm - Swedish clothes retailing company Hennes & Mauritz's (H&M) first quarter pre-tax profits declined 12 per cent, the group said Thursday, citing some effects due to the economic recession.
The group posted a pre-tax profit of 3.55 billion kronor (438 million dollars) for the period December 2008 to February 2009, compared to 4.05 billion kronor for the first quarter in the previous financial year.
Sales, excluding value added tax (VAT), increased 18 per cent to 23.3 billion kronor, the group said.