H&M profits up 25% |
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| Wednesday, 18 June 2008 | |
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H&M has posted a pre-tax profit of £461m in the second quarter of the year. The Swedish high street giant said a weak US dollar and good
weather in May helped it beat analysts' forecasts. The world's third-largest clothing retailer gains from a weak US currency because it buys its clothes in dollars. H&M also posted a 25% rise in May sales to $3.6bn. The company added that turnover in new stores jumped 14%. H&M has increased the number of stores from 1,420 to 1,593 over the past year, according to the BBC.
Despite this good set of results, analysts are worried that the global economic slowdown is squeezing the retail sector. H&M shares rose 6.7% to $56.63 in early trade. |
