Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
STOCKHOLM (AP) — Swedish clothing retailer Hennes & Mauritz AB says its second-quarter earnings rose 25 percent as online expansion and new store openings boosted sales.
Net profit in the March-May period was 5.81 billion kronor ($870 million), up from 4.66 billion kronor in the same period a year earlier, clearly beating analyst expectations. Sales rose 20 percent to 37.8 billion kronor.
H&M said Wednesday it plans to open 375 new stores in total this year, an extended shoe range and up to 10 new online markets in 2015.
Rapid expansion lead to a rise of 16 percent in sales and administrative costs in comparison with the previous year, boosted mainly by investments into the company's IT and online systems.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
