Expansion slows for H&M

Posted: September 29, 2010 in Business news
Tags: ,

The H&M Group reported that its profit after financial items during the third quarter of the year increased by 20 percent to SEK 5.7 billion, some SEK 1 billion more than the corresponding part of last year. This result was less than the SEK 6.1 billion financial analysts had expected to see. Business daily Dagens Industri called the profit a disappointment, while the online edition of trade magazine Habit termed the profit “weak.”
H&M also announced that it has been forced to slow down the rate of its expansion.
“The completion of some shopping malls that already had been started has been halted which means that H&M will not get access to approximately 20 planned store locations for the autumn 2010” the company reported.
On the plus side, sales in August were 24 percent higher than the same month last year, which was slightly better than analysts expected.

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