The well-known Swedish clothing group H&M (Hennes and Mauritz) closed the second quarter with a 22,5% increase in net income equal to 5,2 billion crowns (590 million euros), higher than expected. A net profit for the period of 4,84 billion crowns was predicted, with an increase of 14% compared to the same period in 2011.
The leader of the company, Karl-Joahn Persson underlined that “the spring collections have been well received by our customers as evidenced by the increase in our market shares in the retail sector.” So much so that H&M's turnover in the quarter grew by 15% to 31,6 billion against 27,6 in 2011, and its stock in the Stockholm Stock Exchange results in progress in a slightly rising market.
It does not end here; it has been announced that the company will expand with the opening of approximately 275 new warehouses in the year 2011-2012. It also continues to gain global recognition by entering five new markets: Bulgaria, Mexico, Latvia, Malaysia and Thailand.
