H&M sales buoyed by further expansion, cost controls | Business – Alabama News

H&M sales buoyed by further expansion, cost controls | Business – Alabama News

COPENHAGEN, Denmark (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB says second quarter sales increased by 10 percent to 59.5 billion kronor ($7 billion) mainly because of its continued expansion and tight control on costs.

Its net profit for the three-month period rose by 10 percent to 7.7 billion kronor.

CEO Karl-Johan Persson says online sales developed “very well” while the group’s other brands — COS, & Other Stories, Monki, Weekday and H&M Home — “remained very strong, both in stores and online.”

However, sales were “more challenging” in several major markets, including the U.S. and China, among others.

The Stockholm-based group said Thursday that it added six new markets — Turkey, Taiwan, Hong Kong, Macau, Singapore and Malaysia — to its online offering during the period, taking the total to 41.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

click here to read more.

Share this post

Post Comment