H&M Group has recorded a 6 per cent growth in turnover for its fiscal year.
The Swedish fashion giants saw its turnover exceed EUR 14.6 billion for the period between December 1 2012 and November 30 2013. Gross profit grew from EUR 8.1 billion to EUR 8.1 billion and its net profit reached EUR 1.95 billion.
Its fourth quarter turnover grew from EUR 3.7 billion to EUR 4.1 billion, with net profit reaching EUR 0.63 billion.
H&M chief executive Karl-Johan Persson said in a press release: “2013 ended strongly with well-received autumn collections, which increased our sales in the fourth quarter by 13 per cent in local currencies”.
H&M now plans to open an additional 375 stores to add to the 356 opened in the last fiscal year. Among those, the very first store in Australia and the Philippines.
The fashion firm is also plotting to reach a further four countries online, including France, which will open its first web shop soon.
Source: Joe Stearn – My Retail Media – 5th February 2014