• Home
  • V1
  • Apparel
  • H&M Q1 sales up 12 percent

H&M Q1 sales up 12 percent

By FashionUnited

loading...

Scroll down to read more

REPORT_ The H&M Group’s sales including VAT increased in local currencies by 12 percent during the first quarter.

Converted into Swedish krona, sales excluding VAT amounted to 32,143 million Swedish krona (Rs 29,937.3 crores), an increase of 13 percent. Gross profit showed an increase of 13 percent. This corresponds to a gross margin of 54.9 percent.

Profit after financial items witnessed an increase of 8 percent. The group’s profit after tax increased to 2,649 million Swedish krona (Rs 2,466.9 crores), corresponding to 1.60 Swedish krona (Rs 15.04).

Commenting on the results, Karl-Johan Persson, CEO of H&M said, “Sales have got off to a good start with an increase of 12 percent in local currencies in the first quarter in a fashion retail market that in many places is still characterised by a challenging macroeconomic situation, and we have continued to gain market share. Operating profit increased by 9 percent, despite our substantial long-term investments in areas such as IT and online. We are continuing to work intensively on the global roll-out of our online store to new countries.”

Sales during the period 1 March – 25 March 2014 increased by 12 percent in local currencies compared to the same period the previous year. Australia, the Philippines and India will become new H&M countries in 2014, whereas Peru and South Africa will become new H&M countries in 2015. In e-commerce space, France has opened on March 13, and Spain and Italy will become new online markets in early autumn 2014. China will become the new online market at the end of 2014.

COS will open stores in four new countries in 2014 – in Australia, Switzerland, South Korea and the US (New York and Los Angeles) as well as online in the US. & Other Stories will open stores in Belgium, the Netherlands and in the US as well as online in three new countries - Ireland, Austria and the US this year.

H&M