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H&M Report 20% Profit increase in 2014 Q3
(MENAFN- QNA) Swedish clothing retailer Hennes & Mauritz (H&M) reported Thursday that they made a profit increase of 20% in the third quarter of 2014 due to an increase in online sales.
H&M made $735 million in profits this quarter. Sales excluding value-added tax for this period was up by 21% compared to the same period of last year.
China, Italy, Britain, France, Germany and the United States were markets where the company reported strong sales. H&M chief executive Karl-Johan Persson said new online markets in France, Spain, Italy and China had come off to a good start. Next year the company plans to add eight to 10 online markets. The online offers complement the group's physical stores.
H&M made $735 million in profits this quarter. Sales excluding value-added tax for this period was up by 21% compared to the same period of last year.
China, Italy, Britain, France, Germany and the United States were markets where the company reported strong sales. H&M chief executive Karl-Johan Persson said new online markets in France, Spain, Italy and China had come off to a good start. Next year the company plans to add eight to 10 online markets. The online offers complement the group's physical stores.
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