Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Hennes reports increased profits

Share this article

09:06 CEST+02:00
Swedish Clothing giant Hennes & Mauritz has reported increased profits for the third quarter. The company earned 4.4 billion kronor in the period June-August, compared to 3.8 billion in the same period last year.

Turnover was 18.7 billion, compared to 16.8 billion in the third quarter of 2006.

The results look set to disappoint analysts: Reuters reports that average expectations were of profits of 4.6 billion kronor.

Sales in August were weaker than expected, but were good for June and July, and sales so far in September have been "very satisfying", H&M wrote in its report.

Gross margins for the quarter were up 2.0 percentage points compared with the same period last year, reaching 61.2 percent. The increase was explained by more effective purchasing, a favourable dollar exchange rate and fewer price reductions, the company said.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The power of cooperation: the secret to Swedish success?

Is the Swedish approach to leadership really as special as people think? The Local asks a non-Swedish manager at telecom giant Ericsson for a frank appraisal of Swedes' so-called 'lagom' leadership style.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement