Headlines

H&M Experiences Sales Drop

Fast-fashion retailer not immune from economic slowdown

Published

16 years ago

March 27, 2009

VMSD Staff

Hennes & Mauritz AB (Stockholm, Sweden) reported lower profit for its fiscal first quarter, and said it sales “were affected by a continued restrained consumption due to the current recession.” The fast-fashion retailer’s net profit fell by 12 percent from a year earlier, to $319 million. H&M also reported that sales for the quarter rose 18 percent from a year earlier, but attributed much of that gain to 13 new store openings during the period. The retailer, which currently operates about 1750 stores, reiterated plans to open 225 more in the coming fiscal year.

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