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Record profits for H&M

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17:59 CEST+02:00
Photo on first page: Copyright: H&M / Source: www.imagebank.sweden.se

Hennes & Mauritz recorded record profits of 2.3 billion kronor for the first quarter of the year. Stockholm's bourse reacted promptly with shares in the company rising by 4% to 256 kronor on Wednesday morning.

H&M's managing director, Rolf Eriksen, puts the figures down to better than expected Christmas sales.

"We've only needed to drop our prices slightly in January and February," Eriksen told DN.

H&M continues to expand with 61 new stores planned for the second quarter of the year, 12 of which will be in Germany. Spain and Poland are to get 6 new stores each. During the same period last year 50 new stores opened.

By the end of the year H&M expect to have 1200 stores worldwide in twenty-two countries.

Germany, representing 30% of H&M's overall market, was said to have delivered disappointing results. The company's best-performing stores in the first quarter of the year were in the Nordic region, Spain, France and North America.

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