Swedish fast fashion retailer Hennes & Mauritz, the second largest clothing retailer in the world after Zara owner Inditex SA, reported record sales and earnings that beat expectations in the fiscal fourth quarter, but said it must keep up its heavy pace of investment in new products, market expansion and technology if it wants to stay competitive.

H&M’s pretax profit rose 7 percent to $953 million in the three months ended November, missing analysts’ average forecast of $973 million. Net income rose 13 percent to $760 million, slightly ahead of analyst forecasts of $756 million. Revenue rose 11 percent in local currency to $5.21 billion.

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