H&M reported GBP 284m in net profits for the first quarter, up 36 percent y-o-y. The Swedish fashion retailer attributes the strong performance to “strong” store and online expansion efforts but warns that a strong US dollar could impact sourcing costs in the future. The company is planning to open around 400 new stores in the 2014-15 financial year.
“We have made a very good start to 2015 in terms of both sales and profits,” says H&M chief Karl-Johan Persson. “Our attractive customer offering and strong expansion both through stores and online, as well as our work on continuous improvement, are among the reasons for increased market share gains and good profits.”
