H&M increases quarterly turnover 21 %

H&M increases quarterly turnover 21 %

Swedish fashion group Hennes & Mauritz has managed to increase its third quarter turnover 21 % compared to last year's third quarter, "thanks to the introduction of new brands and growing internet sales".

Incredibly strong August sales

 

The world's second largest fashion group managed a 38.8 billion krona (4.2 billion euro) turnover excluding VAT in the three months leading up to 31 August, a 21.1 % growth compared to the same period in 2013.

 

August joins May as the strongest months of the year, turnover growth wise. Except for June, H&M sold more every month compared to the same month last year.

 

Internet and broader range of items

 

The fact that the American economy is picking up again, that H&M has increased its online presence (with a first web shop in Spain, the country of its competitor Inditex) and that it now has a broader range of products (with the successful expansion of & Other Stories and home decoration items) have all been very good for H&M in the past quarter. 

 

The Swedish group had 3,341 stores worldwide at the end of August, a sizable increase compared to the 2,964 stores it had a year ago.

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