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

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.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_bi_ge/eu_sweden_earns_h_m_summary_box

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