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H&M beats earnings forecast

Swedish fashion giant H&M beat forecasts for its first quarter pretax profit by SEK500 million (USD69.1 million) on 8 April.

The H&M Group’s sales excluding value added tax amounted to SEK 24,846 million (USD3.4 million), an increase of 7 percent. In local currencies, the increase was 13 percent. Gross profit amounted to SEK 15,390 million (USD2.1 million), corresponding to a gross margin of 61.9 percent. Profit after financial items amounted to SEK 5,055 million (USD698.9 million), an increase of 42 percent. Group profit after tax was SEK 3,741 million (USD517.2 million), corresponding to SEK 4.52 (USD0.62) per share.

H&M reported successful opening in Seoul, South Korea in February and successful franchise openings in Tel Aviv and Jerusalem, Israel in March. Sales in March increased by 21 percent in local currencies compared to the same month last year.

(Source: H&M)