Europe’s second-biggest clothing retailer H&M has registered increased sales and market share in its six-month report. From 1 December 2014 to 31 May 2015, the group’s sales excluding VAT increased by 23 per cent to US $ 10,425 million. While Second quarter 1 March 2015 — 31 May 2015 the sale was in SEK excluding VAT increased by 21 percent to SEK 45,867 million. The retailer warned that it expects the strong US dollar to translate into rising sourcing costs throughout the year after it hurt second-quarter profits.euro
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Karl-Johan Persson, CEO of the company commented, “The strong sales development has continued for all our brands. In parallel with online expansion, we are continuing to open stores at a fast pace. We are aiming to open approximately 400 new stores net this year. We have had many successful openings so far this year. CFO Jyrki Tervonen added, “H&M input costs are broadly neutral, with cotton prices falling but salaries for factory workers on the rise.” The H&M group has more than 3,600 stores in 59 markets including franchise markets.
