SWEDEN: H&M sales growth fuels FY profit rise
- Full-year profit up 7% to SEK16.4bn
- Sales up 15% to SEK101.4bn
- Reports good trading in December and January
The Swedish retailer added 240 more stores to its portfolio
Clothing retail giant H&M has posted a 7% rise in full-year profit, boosted by revenues from 250 new stores.
The Swedish company said sales in the year to 30 November had risen 15% to SEK101.4bn (US$13.9bn), with group profit up 7% to SEK16.4bn.
Fourth quarter sales were up 6% to SEK28bn, while gross profit increased 13% to SEK18.6bn, and group profit surged up 21% to SEK6.2bn.
H&M said it planned to add a net total of 240 stores in the new fiscal year, after opening about 250 last year - more than originally planned.
Updating with early figures for the new fiscal year, the company said sales in December had risen 15% in local currencies, and had further risen 13% in local currencies in the period of 1-26 January.
Click here for just-style's editorial insight on H&M's full-year results.
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