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Reports June sales look promising
Hennes & Mauritz AB (Stockholm, Sweden) reported its fiscal second-quarter net profit rose 24 percent to $669 million, while same-store sales dropped 4 percent in May. Analysts had expected a decline of only 2 percent.
However, the company says June was off to a good start with sales through June 22 rising 22 percent in local currencies compared to the same period last year.
The fashion retailer operates in 37 countries and has approximately 2000 stores. Its biggest markets are Germany, the U.K. and Sweden. In the second half of 2010, H&M plans to open 180 stores in countries including Germany, U.S., U.K., France, China and Italy.
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