STOCKHOLM, Sweden – Fashion retailer Hennes & Mauritz AB says its earnings increased 5 per cent in the first quarter on rising sales but margins shrank due to higher purchasing costs.
Net profit was 2.74 billion Swedish kronor ($411 million) in the December 2011-February 2012 period, up from 2.62 billion kronor in the same period a year earlier.
Get daily National news
Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
In Thursday’s report, H&M said net sales rose to 27.8 billion kronor, from 24.5 billion kronor 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.
Comments
Want to discuss? Please read our Commenting Policy first.