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| H&M sales increase with 18% |
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| Sunday, 30 March 2008 | |
 For the first three months of the financial year, fashion retailer Hennes & Maurits published its sales increase of 18%. The profit of the company came down to €21 billion (SEK19,74 billion, excluding VAT), compared to €17,8 billion for last year. The first quarter of 2008
ended on 29th February 2008.
Next to in-house fashion labels such as L.O.G.G and Devided, the fashion company also carries the label COS (Collection Of Style). Last year London saw the launch of a shop dedicated to COS on Regent Street. At the beginning of March, H&M acquired shares of Swedish Fabric Scandinavian and denim label Cheap Monday. These acquirements are not included within the first quarter. H&M launched eleven new stores and closed down four in the first quarter of 2008. The number of stores amounted to 1,529 on 29th February 2008 versus 1,351 the year before. For the second quarter of 2008, the company is looking to open another 54 stores, mostly located in the UK, US, Spain, Italy and Germany. Image: H&M |
The net profit of the Swedish fashion retailer ended on €313 million. This is an increase of 28% in comparison to the net profit in 2007 (€245 million). The sales developments are mainly the result of the higher quality of the collections, and the increased internet- and catalogue sales. Due to the dollar price, the low wholesale and transport costs also contributed to H&M positive figures.