The Wall Street Journal-20080201-Hennes - Mauritz AB- Retailer Says Net Rose 22-- 2008 Is Starting Off Well

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Hennes & Mauritz AB: Retailer Says Net Rose 22%, 2008 Is Starting Off Well

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Fashion retailer Hennes & Mauritz AB reported a 22% rise in fourth- quarter net profit and said sales are off to a strong start this year. Europe's second-largest fashion retailer by sales, behind Spain's Inditex SA, said net profit rose to 4.65 billion Swedish kronor ($734.7 million) in the three months to Nov. 30, from 3.8 billion kronor a year earlier. Pretax profit rose 14% to 6.22 billion kronor and sales rose 17% to 22.82 billion kronor. H&M said it plans to open 190 stores in the 12 months to Nov. 30, mostly in the U.S. and Western Europe. It also will enter Egypt, Saudi Arabia, Bahrain and Oman through franchises in 2008, and plans to open its first stores in Russia in 2009. In Stockholm, H&M's shares rose 4.3% to 342 kronor.