By Dominic Chopping

STOCKHOLM--Sweden's Hennes & Mauritz AB said Friday it will now focus on growth again, after posting a forecast-beating rise in fourth-quarter net profit as sales returned to pre-pandemic levels.

The fashion retailer posted a net profit of 4.62 billion Swedish kronor ($493.6 million) for the fiscal quarter ended Nov. 30, compared with SEK2.49 billion a year earlier. Analysts polled by FactSet had expected a profit of SEK3.99 billion.

Sales rose 8.1% to SEK56.81 billion, as previously announced, while sales from the start of December to the end of January are expected to rise 20% on the year, it said.

Online sales jumped 10% in local currencies, it said.

"We ended the year strongly, with sales back at the same level as before the pandemic and with profitability better than it has been for several years," said Chief Executive Helena Helmersson.

"Now that we are back to a more normalized situation with a strong financial position and good profitability, we can fully focus on growth again," she said.

The company said that by 2030 at the latest it aims to double sales with profitability exceeding 10% over time.

H&M declared a dividend of SEK6.50 and proposed a SEK3 billion share buyback.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

January 28, 2022 03:06 ET (08:06 GMT)