Swedish Hennes and Mauritz (H&M) recorded a net profit of 704 million Swedish kronor (around 65 million euros) in the first fiscal quarter (December-February), a year-on-year increase of 22%, the company reported this Thursday, March 26.
Net sales amounted to 49,607 million Swedish kronor (around 4,590 million euros), a reduction of 1% when recorded in local currency.
Net operating profit (EBIT) was 1,512 million (around 140 million euros), an increase of 26% compared to the same period of the previous year.
Inventory decreased by 16% to 34,608 million crowns (around 3,202 million euros).
H&M explained that “good cost control and an improvement in gross margin contributed to reinforcing profitability in a quarter marked by caution in consumption and major effects on exchange rate fluctuations.”
The main competitor of the Spanish distributor Inditex had, at the end of last February, 4,050 establishments open, of which 25 in Portugal, 4% less than the previous year.
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