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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.
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
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