Subscribe & Follow

Advertise your job vacancies

Jobs

Customer Service Johannesburg
Customer Service (Pet Food) Work From Home

Sweden's H&M reports profits up

STOCKHOLM: Swedish cheap'n'chic clothing group H&M bucked the retail gloom on Thursday, announcing a rise in its second-quarter net profit on the back of better-than-expected sales in Japan and Russia.

26 Jun 2009

H&M said net earnings in the three months to May rose 6% from a year earlier to 4.19 billion kronor.

"Sales in new markets for H&M, Japan and Russia, beat our expectations," the company said in a statement.

Its spring collection had done well, it said, with sales in local currency terms up 8%.

For its first quarter to February, the group previously reported a 12.4% fall in net profit to 2.57 billion kronor, reflecting a weaker Swedish currency, but sales increased 18% to 23.3 billion kronor.

Source: AFP

Published courtesy of