H&M ab Six-Month Report
June 18, 2008 | by H&M Corporate
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June 18, 2008, Sales excluding VAT for the H&M Group for the first six months of the financial year amounted to SEK 41,351 m (36,822), an increase of 12 percent. In local currencies the increase was 12 percent and 1 percent in comparable units. Sales including VAT amounted to SEK 48,653 m (43,255).
Sales excluding VAT in the second quarter amounted to SEK 21,609 m (20,050), an increase of 8 percent. Sales including VAT were SEK 25,412 m (23,554). In local currencies, sales increased by 9 percent and decreased by 2 percent in comparable units.
In May 2008, sales including VAT in local currencies increased by 25 percent compared to the same month last year. Sales in comparable units increased by 14 percent. Calendar effects are estimated to have contributed to 3-4 percentage units. The month of June is estimated to give negative calendar effects of the same size.
During the first half year, the Group opened 59 (83) stores and 8 (8) stores were closed. In addition, 7 Weekday-stores and 13 Monki-stores have been consolidated through the acquisition of Fabric Scandinavien AB. The total number of stores in the Group as per 31 May 2008 thus amounted to 1,593 (1,420), of which 11 are franchise stores.
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Source: H&M Corporate, Press release