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H&M sales rise but profit lags behind forecast

People outside an H&M store in New York.
Scott Mlyn | CNBC

Hennes & Mauritz, the world's second-biggest fashion retailer, posted fiscal fourth-quarter pretax profits slightly below market expectations on Wednesday, and predicted 14 percent sales growth in January.

Pretax profit grew to 7.80 billion Swedish crowns ($952.7 million) in the three months to the end of November. That compared with 7.26 billion a year earlier and a mean forecast in a Reuters poll of analysts for 7.96 billion.

H&M proposed a dividend of 9.75 crowns, below a forecast 10.10 crowns.

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