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H&M springs into profit

Wednesday, June 18, 2014 - 00:57

June 18 - Hennes & Mauritz, the world's second-biggest fashion retailer, says sales are looking good. As Hayley Platt reports, it could be another positive sign for the euro zone.

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Strong sales from March to May helped H&M spring into profit. The world's second-biggest fashion retailer posted pre-tax profits of $1.1 billion. Sales also rose by more than 20 percent in May. The group has invested in its online business. That's been relatively slow to take off compared to its rivals. But its sister store, & Other Stories - which sells accessories and beauty products, is, it says, beginning to pay off. It follows positive sales from rival retailer Inditex. Last week the owner of Zara reported an 11 percent rise in sales for the period between February and June. It's an indication that confidence has returned to Europe and consumers are spending again. H&M is continuing with its expansion plan. It's adding to its shoe range which it's launching this autumn. It will follow that by rolling out in 8 to 10 online markets next year after starting in Spain, Italy and China in the autumn.

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H&M springs into profit

Wednesday, June 18, 2014 - 00:57