H&M FOURTH QUARTER HIT BY RISING COSTS

H&M yesterday reported a fall in profit for the final three months of the year due to the higher cost of raw materials, particularly cotton. Net profit was 5.5bn kronor (£534m), down 11 per cent on the 6.15bn kronor it made during the same period a year earlier and a bigger drop than analysts had expected. Meanwhile, revenue climbed six per cent to 34.8bn kronor.