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Swedish clothing retailer H&M posts Q3 profit of $390m

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Swedish clothing retailer Hennes & Mauritz (H&M) on Thursday reported a rise in third-quarter profits, boosted by higher online sales and fewer price reductions.

It said the Net profit in the period covering June to August was 3.86 billion kronor (390 million dollars) compared to the 3.1 billion kronor reported in the same business period in 2018.

It added that the quarterly sales, measured in local currencies, totalled 62.6 billion kronor kronor, up 8 per cent year-on-year.

According to H&M its online sales in the quarter rose 25 per cent measured in local currencies.

It said sales growth was 19 per cent in the U.S., 20 per cent in Poland and 12 per cent in Russia when measured in local currencies.

It added that in Germany, its largest market, sales grew 5 per cent year on year, while sales measured in local currencies increased 1 per cent in Britain.

Amid the growth in online sales, the company said it would open fewer stores in 2019 and was aiming for an addition of about 120 stores.

H&M has stores in 73 countries. It operated 4,972 stores worldwide, including franchises, at the end of August.

HLM/YEE

Edited by Hadiza Mohammed

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