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Net profit for fiscal 2016 slips 10.84% at H&M
Feb '17
Net profit for the twelve months ended November 30, 2016 at global apparel retailer H&M, slipped 10.84 per cent to SEK 18,636 million or SEK 11.26 per share as against SEK 20,898 million or 12.63 per share in fiscal 2015. In fiscal 2016, sales excluding VAT amounted to SEK 192,267 million compared to SEK 180,861 million in the previous fiscal.

Gross profit for the reporting period grew SEK 106,177 million, corresponding to a gross margin of 55.2 per cent vis-à-vis SEK 103,167 million in the fiscal ago period, which corresponds to a gross margin of 57.0 per cent.

During fiscal 2016, H&M undertook very strong expansion with a total net addition of 427 stores versus 413 new stores in the earlier fiscal. At the end of the fiscal, H&M was managing 4,351 stores in 64 countries.

The retailer created 3,000 new jobs in period under review and at the end of the fiscal was employing more than 161,000 employees. (AR)

Fibre2Fashion News Desk – India

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