Summary Box: Discounts, higher costs ding H&M net

AP News
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Posted: Jan 26, 2012 12:05 PM
Summary Box: Discounts, higher costs ding H&M net

PROFIT DROP: Swedish fast-fashion retailer Hennes & Mauritz AB on Thursday said fourth-quarter net income dropped 2 percent on higher raw material costs and heavy discounting to attract customers during an economic downturn.

GROWING: But the company's revenue increased 4 percent, and H&M said its market share is growing.

DIGITAL: H&M plans to launch online sales in the U.S. this year. It also intends to open 275 new stores, including its first Latin American store, in Mexico.