H&M posts 12% rise in Q2 profit, new stores to open in 2007
21 Jun '06
2 min read
Fashion retailer Hennes & Mauritz has reported a 12 percent rise in second-quarter profit on Wednesday, boosted by higher sales in May.
Sales for the H&M Group excluding VAT amounted to SEK 32,134 million ($28,095), an increase of 14 percent. With comparable exchange rates, the increase was 10 percent.
Profit after financial items for the half-year was SEK 6,600 million (5,931), an increase of 11 percent. Group profit after estimated tax was SEK 4,455 million (3,855), corresponding to SEK 5.38 (4.66) per share.
Sales for the second quarter excluding VAT amounted to SEK 17,063 million (15,486), an increase of 10 percent compared with the previous year. With comparable exchange rates the increase was 7 percent.
Profit after financial items for the second quarter was SEK 3,920 million (3,623), an increase of 8 percent. The increase in sales for the month of May was 13 percent with comparable exchange rates.
China to become new market for H&M in 2007. Contracts are signed for one store each in Shanghai and in Hong Kong.
New store chain for women and men to be launched under a separate brand name. About 10 stores planned to open in selected markets in 2007. Increased shoe assortment for women in about 200 H&M stores during spring 2007.
Hennes & Mauritz (H&M) was established in Sweden in 1947. The company's business concept is to offer fashion and quality at the best price. It is quoted on the O-list of the Stockholm Stock Exchange and has approximately 1,200 stores in 22 countries.
marketing@alchempro.com
