strong dollar mild weather shrink hm profits
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Strong dollar, mild weather shrink H&M profits

Egypt Today, egypt today

Egypt Today, egypt today Strong dollar, mild weather shrink H&M profits

H&M has around 4,000 stores worldwide and plans to continue its global expansion
Stockholm - AFP

Swedish clothing retailer Hennes et Mauritz (H&M) on Wednesday posted first quarter profits down almost 30 percent on a strong dollar and mild weather hitting its winter collection.

The Stockholm-based fast fashion firm said December through February profits came in at 2.54 billion kronor (275 million euros/$310 million), down from 3.61 billion a year earlier albeit slightly ahead of analysts' forecasts.

Sales were up 8.5 percent year-on-year or nine percent in local currency terms at 43.7 billion kronor compared with a 15 percent rise in the first quarter 2015.

The results "reflect more expensive supply given the (strong) dollar and increased discounting due to high volume of unsold merchandise in winter collections following a mild wwinter," CEO Karl-Johan Persson said.

With a sizeable proportion of production costs linked to the dollar the currency effect is likely to weigh on second-quarter results before fading away from the third quarter on, H&M predicted.

The chain is to continue its recent international expansion by taking its global store base count past 4,000 this month  -- double 2010 -- by opening a store in India.

Further expansion is planned in the months ahead in South Africa, Switzerland and Hungary.

 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

strong dollar mild weather shrink hm profits strong dollar mild weather shrink hm profits



GMT 09:51 2016 Tuesday ,29 March

Back to drawing board for new father Murray

GMT 09:17 2017 Monday ,13 February

RAK police seek help to locate missing girl

GMT 21:52 2011 Monday ,08 August

Leverkusen\'s Giefer hospitalised

GMT 23:05 2017 Wednesday ,25 January

Millions travel for China’s Lunar New Year festival

GMT 23:06 2017 Tuesday ,24 January

Pakistan military tests nuclear-capable missile

GMT 11:34 2017 Tuesday ,14 February

Artist makes NY fashion week debut on a bus

GMT 14:35 2018 Monday ,22 January

Azza Fahmy Jewellery announces UK store launch

GMT 07:41 2014 Wednesday ,19 March

Nail brand The Lacquer Lab launches

GMT 15:19 2011 Tuesday ,02 August

Orwellian Barton forced to train alone by Newcastle

GMT 12:25 2016 Wednesday ,14 December

Evaluation of Participating Companies Goes in Full Swing

GMT 13:37 2017 Monday ,25 December

Abducted Yemenis kept in chains in Houthi jails
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday