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Hennes & Mauritz net profit slips
26 Mar '09
2 min read
Sales excluding VAT for the H&M Group for the first three months of the financial year amounted to SEK 23,299 m (19,742), an increase of 18 percent. In local currencies, the increase was 4 percent. In comparable units, sales decreased by 5 percent.
Gross profit amounted to SEK 13,178 (11,770), corresponding to a gross margin of
56.6 percent (59.6). The gross margin has been negatively affected by currency effects. Excluding these effects it would have been 60.8 percent.
Profit after financial items for the first quarter was SEK 3,554 m (4,057). Group profit after tax was SEK 2,577 m (2,941), corresponding to SEK 3.11 (3.55) per share,
a decrease of 12 percent. The profit decrease is related to the above mentioned currency effects.
Price reductions were on the same level as in the corresponding period last year. The stock-in-trade, which is well-composed, is at a satisfactory level. The launch of H&M Home at the end of February was well received. Very good reception of the first two stores in Moscow, Russia in March. Contract signed for the first store in Seoul, South Korea. The opening is planned for spring 2010. Jordan new franchise market in spring 2010.
Sales
Sales excluding VAT for the H&M Group for the first three months of the financial year amounted to SEK 23,299 m (19,742), an increase of 18 percent. In local currencies the increase was 4 percent. In comparable units, sales decreased by 5 percent. Sales including VAT amounted to SEK 27,282 m (23,241).
In February 2009, sales including VAT in local currencies increased by 1 percent compared to the same month last year. Sales in comparable units decreased by 8 percent. Negative calendar effects in February are estimated to have affected sales by 4-5 percentage units. The sales development in February should be seen in the light of the fact that the increase in February 2008 was 24 percent compared to the year before.
The Group opened 13 (11) stores during the first quarter and 3 (4) stores were closed. The total number of stores in the Group as per 28 February 2009 thus amounted to 1,748 (1,529), of which 22 are franchise stores.
Gross profit amounted to SEK 13,178 (11,770), corresponding to a gross margin of
56.6 percent (59.6). The gross margin has been negatively affected by currency effects. Excluding these effects it would have been 60.8 percent.
Profit after financial items for the first quarter was SEK 3,554 m (4,057). Group profit after tax was SEK 2,577 m (2,941), corresponding to SEK 3.11 (3.55) per share,
a decrease of 12 percent. The profit decrease is related to the above mentioned currency effects.
Price reductions were on the same level as in the corresponding period last year. The stock-in-trade, which is well-composed, is at a satisfactory level. The launch of H&M Home at the end of February was well received. Very good reception of the first two stores in Moscow, Russia in March. Contract signed for the first store in Seoul, South Korea. The opening is planned for spring 2010. Jordan new franchise market in spring 2010.
Sales
Sales excluding VAT for the H&M Group for the first three months of the financial year amounted to SEK 23,299 m (19,742), an increase of 18 percent. In local currencies the increase was 4 percent. In comparable units, sales decreased by 5 percent. Sales including VAT amounted to SEK 27,282 m (23,241).
In February 2009, sales including VAT in local currencies increased by 1 percent compared to the same month last year. Sales in comparable units decreased by 8 percent. Negative calendar effects in February are estimated to have affected sales by 4-5 percentage units. The sales development in February should be seen in the light of the fact that the increase in February 2008 was 24 percent compared to the year before.
The Group opened 13 (11) stores during the first quarter and 3 (4) stores were closed. The total number of stores in the Group as per 28 February 2009 thus amounted to 1,748 (1,529), of which 22 are franchise stores.
Hennes & Mauritz AB
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