H&M sales driving forward
Turnover up 10 per cent across first nine months of 2003
September 25 2003
Swedish fashion retailer H&M saw group turnover increase by 10 per cent at comparable currency rates, with sales of SEK40,235m.
Profits were up 21 per cent at SEK 6,335m across the nine months.
Turnover for the third quarter was to SEK 13,209m, an increase of 7 per cent compared with last year at comparable currency rates. With H&M still expanding its store chain internationally, the increase is evidence of an increasingly competitive clothing market.
H&M said gross margin was 55.6 per cent in the third quarter, with the operating margin of 17.8 per cent the highest ever reached in the group’s third quarter.
Third quarter profits were SEK 2,079m, up 9 per cent. H&M said its autumn collections had been well received.
