Arab Today, arab today hm profits rise on brisk sales warns about strong dollar
Last Updated : GMT 14:36:23
Arab Today, arab today
Arab Today, arab today

H&M profits rise on brisk sales, warns about strong dollar

Arab Today, arab today

Arab Today, arab today H&M profits rise on brisk sales, warns about strong dollar

Hennes & Mauritz CEO Karl-Johan Persson (R)
Stockholm - AFP

Swedish fashion giant Hennes and Mauritz (H&M) on Thursday reported an 11-percent rise in its second quarter net profit on the back of a 20-percent jump in sales, but warned of the impact of a strengthening dollar.

The company, whose fiscal quarter runs from March to May, posted a net profit of 6.45 billion kronor (700 million euros, $780 million).

However it said the stronger dollar had increased the company's costs during the period, and it would have an even greater impact on earnings in the second half of the year.

"The market situation as regards external factors for the purchasing period for the third and fourth quarters of 2015 is considered to be very negative because the US dollar has strengthened substantially against most currencies," H&M wrote in its report.

In the second quarter, the stronger dollar pushed gross margins down to 59.4 percent, from 60.8 percent a year earlier.

H&M said "cost control in the group remains good", and attributed the higher costs to "the expansion and the long-term investments within IT and online, and to the broadening of the product range."

Sales, which ticked in at 45.87 billion kronor, were boosted by new store openings, including Peru's first store in the capital Lima, as well as online shops in eastern Europe among others.

In local currencies, sales rose by 12 percent.

"Sales development was again strong -- particularly if we consider the more challenging conditions we faced such as strong comparables from last year, unusually cold spring weather in many of our important European markets and negative calendar effects," chief executive Karl-Johan Persson said.

As of May 31, the company had 3,639 stores, including its other brands COS, & Other Stories, Weekday, Monki and Cheap Monday.

It said it expects to open in India and South Africa by the end of the year.

The group also announced plans to open 900 cosmetic stores, H&M Beauty, starting in July.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hm profits rise on brisk sales warns about strong dollar Arab Today, arab today hm profits rise on brisk sales warns about strong dollar

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday