H&M enjoys 5% rise in earnings

Fashion retailer H&M said today its earnings increased 5% in the first quarter on rising sales, but margins shrank due to higher purchasing costs.

Net profit was 2.74 billion Swedish kronor (€309m) in the December 2011-February 2012 period, up from 2.62 billion kronor (€294m) in the same period a year earlier.

In today’s report, H&M said net sales rose to 27.8 billion kronor (€3.1bn), from 24.5 billion kronor (€2.7bn) a year ago, and the increase continued in March.

H&M said it opened a new store in Sofia, Bulgaria, this month and plans to have opened other stores in Bulgaria, Latvia, Malaysia, Mexico and – through a franchise – Thailand by the end of the year.

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