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 15:49 2011 Friday ,10 June

Oil firm wins injunction against Greenpeace

GMT 10:27 2015 Monday ,06 July

Mini to launch ‘Clubman’ in 2016

GMT 17:21 2011 Wednesday ,23 February

Lampard Desperate To Win The Champions League

GMT 10:13 2018 Tuesday ,09 January

Barcelona to unveil 160m Coutinho

GMT 23:03 2017 Monday ,16 January

Bank of Korea: Money Production Cost Rise in 2016

GMT 20:33 2011 Friday ,06 May

Asad\'s army arrests all men over 15 in Daraa

GMT 11:55 2011 Tuesday ,29 November

Ultrabooks could save the PC

GMT 13:02 2012 Saturday ,01 September

Zombies and Morons compete

GMT 07:31 2017 Tuesday ,20 June

Sisi keen on attaining unity

GMT 11:50 2015 Saturday ,26 September

The Library of Fragrance announces January launches

GMT 06:28 2014 Saturday ,18 October

Asian Junior Volleyball tourney kicks off in Bahrain
 
 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