Daily Management Review

H&M net profit falls by 11% in the first half of 2019


Swedish Hennes & Mauritz AB (H&M), the owner of Europe’s second largest clothing store, released data showing that net profit for the first half of the 2018-2019 fiscal year ending May 31 decreased by 11% yoy, to 5,372 billion SEK ($ 579.5 million).

At the same time, during the reporting period, sales increased by 10.5% to $ 108.489 billion SEK ($ 11.7 billion).

Earlier in June, it became known that, according to the results of the second financial quarter, which ended on May 31, 2019, H&M's revenue increased by 11% in annual terms to 7.47 billion SEK ($ 6.05 billion). Growth in sales in national currencies in the past quarter was 6%.

Hennes & Mauritz, founded in 1947, produces and sells clothing under the brands H&M, COS, Monki, Cheap Monday and others. 

source: bloomberg.com