H&M Q3 profit rises 23%, misses Street
Stockholm, Sweden Hennes & Mauritz AB, Europe’s second-largest clothing retailer, reported Wednesday that net income for the third quarter rose 23%, but missed Wall Street expectations.
Net income climbed to U.S. $633 million in the quarter ended Aug. 31, compared with net income of U.S. $516 million a year earlier, H&M said. That missed the U.S. $677 million net income expected by analysts.
H&M cut its store-opening target for the year to 220 from 240, saying the development of some shopping malls had been halted because of the weak economy, mainly in southern Europe.
Total revenue for the quarter was U.S. $4.02 billion. Same-store sales rose 14% in August, the biggest increase since May 2008.
Holley named Walmart CFO
BENTONVILLE, Ark. – Veteran finance executive Charles Holley was named to replace Tom Schoewe as CFO of Wal-Mart Stores Inc., the company announced late Wednesday. Holley joined Walmart in 1994 and most recently served as EVP finance and treasurer. Schoewe joined Walmart in 2000 as CFO.
Walmart CEO Mike Duke called Holley a talented strategist who thoroughly understands the details of Walmart’s business and the financial markets.
“As treasurer, he has helped drive the strategy behind the company’s strong financial position and has made every organization he has led stronger,” Duke said.
The change will take effect on Nov. 30, and Schoewe will remain with the company until Jan. 31, 2011.
Beyonce’s mom gets exclusive line at Walmart
NEW YORK – Tina Knowles announced the introduction of her Miss Tina by Tina Knowles line exclusively at Walmart in October.
The collection will feature denim, graphic t-shirts, embellished tops, day dresses, tunics, jackets, leggings and track suits, with each item retailing for $20 or less.
Tina Knowles is the co-creative director and co-founder of the House of Dereon, Dereon, and Miss Tina fashion collections produced by Beyond Productions, a partnership with daughter Beyonce.