Daily Management Review

H&M profit jumps by 11% in 2018-2019


The revenue of one of the world's largest clothing retail chains Hennes & Mauritz (H&M) in the fiscal year 2018-2019 (ended November 30) grew by 11% in annual terms, to 232.764 billion Swedish kronor ($ 24.9 billion), according to company press release.

Nissy-KITAQ via flickr
Nissy-KITAQ via flickr
Revenues in local currencies in the regions of presence increased by 6%.

According to the results of the fourth quarter of 2018-2019, fiscal revenues of H&M grew by 9% in annual terms, to 61.704 billion Swedish kronor (6.6 billion dollars). Revenue in local currencies increased by 5%.

“The calendar year’s effects on sales dynamics over the past quarter compared to the same period a year ago were mainly Black Friday, which this year was a week later than last year, that is, shortly before the end of November. Therefore, some large Black Friday online sales are not counted until December,” the report said.

H&M indicates that the full financial report of the company for the past financial year will be published on January 30, 2020.

H&M was founded in 1947 in Sweden. The company produces and sells clothes. In addition to H&M, it also develops the brands COS, Monki, Weekday and others. The company has more than 5 thousand stores in 74 markets around the world.

source: bloomberg.com

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