Sweden's H&M sales up 6 pct in Q4

Swedish fashion company Hennes & Mauritz AB or H&M Group said in a statement Thursday that its sales in the fourth quarter amounted to 36 billion kronor (5 billion U.S. dollars) including VAT, up by 6 percent as compared to the same period last year. "That is a 6-percent increase in local currencies compared to the corresponding quarter last year while sales in comparable units decreased by 3 percent," the statement said. Sales excluding VAT amounted to 31 billion kronor (4.4 billion dollars), compared to 29.7 billion kronor (4.2 billion dollars) in 2010. In November, H&M group's total sales including VAT increased by 9 percent compared to the same month the previous year in local currencies. In comparable units, sales decreased by 1 percent. Founded in Sweden in 1947, Hennes & Mauritz AB currently employs more than 87,000 employees and has stores in 41 countries.