Sweden : H&M plans to open 1st store in Russia in 2009

January 31, 2008

Sales excluding VAT for the H&M Group for the financial year amounted to SEK 78,346 m (68,400), an increase of 15 percent. In local currencies, the increase was 17 percent and in comparable stores 5 percent.

Profit after financial items for the financial year was SEK 19,170 m (15,808), an increase of 21 percent. Group profit after tax was SEK 13,588 m (10,797), corresponding to SEK 16.42 (13.05) per share, an increase of 26 percent.

Sales for the fourth quarter excluding VAT amounted to SEK 22,817 m (19,512), an increase of 17 percent compared with the previous year. In local currencies, the increase was 18 percent and in comparable stores 5 percent.

Profit after financial items for the fourth quarter was SEK 6,221 m (5,440), an increase of 14 percent. For the financial year 2007/2008 a net contribution of 190 stores is planned.

First stores in Russia is planned to open in 2009. Egypt, Saudi Arabia, Bahrain and Oman new franchise markets in 2008. The Board of Directors proposes a dividend of SEK 14.00 (11.50) per share.

Sales in December 2007 increased by 10 percent in local currencies compared to the same month previous year. Up to and including 29 January 2008 sales in local currencies have increased by 16 percent compared to the same period previous year.

Group tax rate for the financial year 2007/2008 is expected to decrease to 27.5 percent from 29.1 percent.

Hennes & Mauritz AB

Source @ Fibre2fashion