9M gross sales at apparel retailer H&M climb 5%
October 01, 2016 - Sweden
For the nine period ended August 31, 2016, sales including VAT at Swedish apparel retailer H&M climbed by 5 per cent to SEK 161,767 million as against SEK 153,444 million in the corresponding period of the prior fiscal. Revenues however grew 7 per cent in local currencies, while sales excluding VAT totalled SEK 139,547 million compared to SEK 132,167.
Gross profit for the reporting period reached SEK 16,630 million, down from SEK 20,094 million, while net profit also fell to SEK 12,722 million, vis-à-vis SEK 15,372 million in the comparable nine month period of earlier fiscal.
The clothing retailer has planned a net addition of around 425 new stores, while also entering three new markets in the current fiscal.
H&M opened its first outlet in Puerto Rico this June and in September in Cyprus, while the first New Zealand store will open in October. (AR)