THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
H&M reports jump in Q2 pre-tax profits

Swedish fashion retailer Hennes & Mauritz has reported a 23% rise in second quarter profits, boosted by strong sales of its spring clothing collection and a stabilisation in cotton prices.

CITY & CORPORATE

H&M reports jump in Q2 pre-tax profits

Swedish fashion retailer Hennes & Mauritz has reported a 23% rise in second quarter profits, boosted by strong sales of its spring clothing collection and a stabilisation in cotton prices.

The group made a net profit of 5.22 billion kronor ($745 million) in the three months to 31 May, up from 4.3 billion kronor in the same quarter in the previous year. Gross sales including VAT increased by 14% to 36.9 billion kronor as like-for-like sales rose by 2%.

The group said the price of cotton had stabilised in the quarter which had helped to keep its gross margin in line with a year earlier at 61.7%.

Karl-Johan Persson, H&M chief executive said: "The spring collections have been well received by our customers as shown by our increased market share in a fashion retail market that continues to be challenging."

H&M currently operates 2,575 shops worldwide. Over 90% of group sales come from outside Sweden with 25% generated from Germany, Europe’s largest clothing market. 

The retailer said it plans to open around 275 new stores this year and will also launch in five new countries – Bulgaria, Mexico, Latvia, Malaysia and Thailand.


Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
Fix The Dinosaur Roundtable 2018
Fix The Dinosaur Roundtable 2018
19 October 2018
The Euston Suite, The Hallam, 44 Hallam St, London W1W 6JJ
A Masterclass in IBMi Legacy Issues