H&M Group's profit increases by 26% during first 9 months

19:54, September 29, 2010      

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The Swedish fashion company H&M Group has seen an increase of 26 percent of its profit after financial items amounting to 17.83 billion kronor(2.55 billion U.S. dollars) during the first nine months of the financial year, according to a statement from the company on Wednesday.

The sales excluding VAT during the first nine months of the financial year amounted to 78.77 billion kronor (about 11.22 billion dollars), an increase of seven percent, compared with the same period last year.

During the third quarter, the group got strong sales increase and strong profit development, the statement said.

The Group's profit after tax amounted to 4.24 billion kronor (about 606 million dollars ), an increase by 23 percent.

Sales excluding VAT for the third quarter amounted to 26.89 billion kronor (about 3.84 billion dollars), an increase of 14 percent.

An online sales has been launched in the UK in September.

The Group opened 105 (116) stores and closed 15 (14) stores during the first nine months. The total number of stores in the Group as per 31 August 2010 thus amounted to 2,078 (1,840) in 37 markets.

Source: Xinhua


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