H&M sees sales jump 12pc in March
High street favourite H&M has said this morning that pre-tax profit rose eight per cent in the first quarter of this year from a year ago.
The Swedish company saw sales go up 12 per cent this month – it’s already reported revenues up 13 per cent year-on-year in the first quarter.
Expansion work will see H&M move into Australian, the Philippines and India this year, and Peru and South Africa in 2015.
When it comes to online markets, it’s branching out into Spain, Italy and China this year.
H&M’s shares have risen 25 per cent over the last year, putting it on a current price/earnings multiple of 28.
Chief executive Karl-Johan Persson commented:
Sales have got off to a good start… in a fashion retail market that in many places is still characterised by a challenging macroeconomic situation, and we have continued to gain market share.