Hennes & Mauritz to create up to 7000 jobs during 2009

29 Jan '09

3 min read

Hennes & Mauritz AB (H & M) released Full Year Report for 2008.

• Sales including VAT for the H&M Group for the financial year amounted to SEK 104,041 m (92,123). Sales excluding VAT for the financial year amounted to SEK 88,532 m (78,346), an increase of 13 percent. In local currencies, the increase was 11 percent. In comparable units, sales decreased by 1 percent.

• Profit after financial items for the financial year was SEK 21,190 m (19,170), an increase of 11 percent. Group profit after tax was SEK 15,294 m (13,588), corresponding to SEK 18.48 (16.42) per share, an increase of 13 percent.

• Sales excluding VAT for the fourth quarter amounted to SEK 26,310 m (22,817), an increase of 15 percent. In local currencies, sales increased by 8 percent and decreased by 3 percent in comparable units.

• Profit after financial items for the fourth quarter was SEK 7,114 m (6,221), an increase of 14 percent.

• Sales in the first two H&M stores in Tokyo surpassed the company's high expectations and were H&M's most successful store openings ever.

• The outlook for the future expansion and the development opportunities remains positive. H&M will create 6,000 to 7,000 new job opportunities during 2009.

• For the financial year 2008/2009 a net contribution of 225 stores is planned.

• The company is preparing the first store opening in Bejing during the spring 2009.

• The Board of Directors proposes a dividend of SEK 15.50 (14.00) per share.

• Sales in December 2008 increased by 3 percent in local currencies compared to the same month previous year.

• Sales in January 2009 expected to increase by 8 percent in local currencies compared to the same month last year.

Sales
Sales excluding VAT for the H&M Group for the financial year amounted to SEK 88,532 m (78,346), an increase of 13 percent. In local currencies the increase was 11 percent. In comparable units, sales decreased by 1 percent. Sales including VAT amounted to SEK 104,041 m (92,123).

Sales excluding VAT in the fourth quarter amounted to SEK 26,310 m (22,817), an increase of 15 percent. Sales including VAT were SEK 30,848 m (26,836), in local currencies sales increased by 8 percent and decreased by 3 percent in comparable units.

The Group opened 214 (193) stores during the financial year and 18 (16) stores were closed. In addition, 13 Weekday-stores and 7 Monki-stores have been consolidated through H&M's acquisition of FaBric Scandinavien AB. In the fourth quarter 129 (94) stores were opened and 9 (4) were closed. The total number of stores in the Group as per 30 November 2008 thus amounted to 1,738 (1,522), of which 18 are franchise stores.

Hennes & Mauritz

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