Home / Knowledge / News / Apparel/Garments / H&M's profit after tax down in Q2 2016
H&M's profit after tax down in Q2 2016
29
Jun '16
Courtesy: H&M
Courtesy: H&M
Swedish fashion house H&M reported fall of 20 per cent in profit after tax to SEK 5,357 million in the second quarter of 2016, ended May 31, as compared to SEK 6,453 million in the corresponding quarter last year, attributed to strengthened US dollar and increased markdowns.

“Profits in the second quarter have been affected by a continued negative US dollar effect, but also by increased markdowns and the costs of our long-term investments. The fact that the sales increase in the quarter was below plan, naturally also had an impact on profits,” Karl-Johan Persson, CEO of H&M said.

Sales including VAT increased by 2 per cent in local currencies in Q2 to SEK 54,341 million as compared to SEK 53,233 million in the same period last year. Excluding VAT, sales amounted to SEK 46,874 million as compared to SEK 45,867 million previously.

The group's profit after tax was reported to be SEK 3.24 per share as compared to SEK 3.90 per share in the previous quarter, affected mostly by higher purchasing costs because of strengthened US dollar and by increased markdowns.

“It has been a challenging half-year for fashion retail in many markets, but we have great confidence going forward and are continuing to develop our offering further within all our brands,” Persson added. (MCJ)

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Lenzing

Textiles | On 25th Jun 2018

Lenzing launches Veocel nonwoven speciality brand

Leading fibre company, the Lenzing Group has unveiled Veocel, the new ...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search