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Sales up by 1% in Hennes & Mauritz comparable units
31
Mar '11
H & M Hennes & Mauritz AB announced three month report, 1 December 2010 – 28 February 2011.

The First Quarter

• The H&M Group's sales excluding VAT increased by 9 percent in local currencies. Converted into SEK, sales amounted to SEK 24,503 m (24,846), a decrease of 1 percent. The difference between the sales development in local currencies and in SEK is due to a strong negative currency translation effect since the Swedish krona has strengthened against most of the sales countries' currencies.

• Sales increased by 1 percent in comparable units.

• Gross profit amounted to SEK 14,174 m (15,390), corresponding to a gross margin of 57.8 percent (61.9).

• Profit after financial items amounted to SEK 3,538 m (5,055). Group profit after tax was SEK 2,618 m (3,741), corresponding to SEK 1.58 (2.26) per share.

• Sales in February 2011 increased by 9 percent in local currencies compared to the same month last year.

• Sales in the period 1 – 29 March 2011 increased by 3 percent in local currencies compared to a very strong comparative period last year that benefited from, among other things a positive Easter effect.

• Successful openings of H&M's first two stores in Romania.

Comments by Karl-Johan Persson, CEO
”We increased sales in local currencies by 9 percent and 1 percent in comparable units in a continued tough market. The quarter was also characterised by the fact that many external factors had a negative effect on the results, in contrast to last year when they had a favourable effect in the corresponding quarter.

“These external factors, which were beyond our influence, were for example strong negative currency effects and cost inflation in the sourcing markets with for example, significantly higher cotton prices. Instead of passing on these cost increases to customers, we chose to strengthen our price position in order to build further on our strong market position for the long term.”

H & M Hennes & Mauritz AB was founded in Sweden in 1947 and is quoted on NASDAQ OMX Stockholm. The company's business concept is to offer fashion and quality at the best price. In addition to H&M, the group includes the brands COS, Monki, Weekday and Cheap Monday as well as H&M Home. The H&M Group has more than 2,200 stores in 39 markets including franchise markets. In 2010, sales including VAT were SEK 126,966 million and the number of employees was more than 87,000.

H & M Hennes & Mauritz AB

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