STOCKHOLM: Swedish fashion retailer Hennes & Mauritz reported on Thursday a drop in fiscal fourth-quarter pretax profit in line with market expectations and said it expected January sales to increase 7 percent in local currencies from a year ago.

Pretax profit in September through November fell to 7.15 billion crowns ($839.5 million) from a year-earlier 7.80 billion, against a mean forecast in a Reuters poll of analysts of 7.14 billion.

Copyright Reuters, 2016