News Column

H&M on growth path with new stores and sites

June 19, 2014

THOMAS FITZGERALD



GIANT Swedish fashion retailer Hennes & Mauritz (H&M) yesterday reported a 26 per cent surge in operating profits in its second quarter to over 7.6bn Swedish krona (673m).


The company said sales rose 20 per cent to more than 37bn krona, excluding VAT, during the second quarter compared to a year earlier.


The positive sales and profits figures came as H&M, which is the second largest fashion retailer in the world behind Zara owner Inditex, also announced a good start to June sales.


H&M chief executive Karl-Johan Persson, said the good results showed that "all our brands" had "enjoyed good sales development during the second quarter", with "long-term investments starting to generate revenues".


H&M is planning to open 375 new stores this year and expand its website presence in eight to ten countries.


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Source: City A.M. (UK)


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