The H&M Group (Stockholm, Sweden) reports sales including VAT grew in local currencies by 8 percent during the financial year period December 1, 2010, to November 30, 2011. Sales in comparable units dropped by 1 percent. During that period, the group opened 266 new stores with China, the U.S., the U.K. and Germany representing the largest expansion markets.
“H&M stands strong in a challenging market. We increased sales by 8 percent in local currencies and continued to gain market share during what was one of the toughest years for a long time for the fashion retail industry in many countries,” says ceo Karl-Johan Persson. “The fact that we have gained market share, proves that our customers appreciate our collections, which offer a wide range of inspiring fashion for everyone.
In December, the retailers’ sales were up 13 percent in local currencies while sales at comparable units grew 4 percent.
Looking to the new year, H&M plans to add 275 stores during the 2011/2012 fiscal year, entering Bulgaria, Latvia, Malaysia and Thailand for the first time. H&M also plans to expand into Mexico in fall 2012.