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H&M to enter new markets after profit rise

Swedish clothing giant Hennes and Mauritz (H&M) on Thursday reported that net profits had continued to rise last year and announced plans to expand into three new countries and boost its online business.

Published: 28 January 2016 10:28 CET
H&M to enter new markets after profit rise
Chinese customers queue in the rain outside H&M's store in Beijing. Photo: H&M
Buoyed by a hike in sales, the company, whose fiscal year runs from December 2014 to November 2015, said net profit rose by four percent to 20.9 billion kronor (2.3 billion euros, $2.5 billion).
   
However, Europe's unusually mild autumn weather held back fourth-quarter trade, when net profit fell 11 percent, the company said in a statement.
   
H&M said it planned more than 400 new stores for the coming financial year, mostly in markets where the group is already present.
   
“New Zealand, Cyprus and Puerto Rico are planned to become new H&M markets,” he said. “In addition, H&M plans to offer e-commerce in a further nine existing H&M markets.” 

BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Published: 29 September 2022 12:38 CEST
Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

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