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Last Updated: Thursday, 30 September, 2004, 08:42 GMT 09:42 UK
H&M profits rise on US popularity
Model wearing H&M clothing
H&M's clothing is becoming more and more popular in the US
Profits at Swedish fashion retailer Hennes & Mauritz rose more than expected in the third quarter as its clothes sold well in the US.

The company made a pre-tax profit of 2.45bn crowns ($333.2m;185m) in the June-to-August quarter, up from 2bn crowns for the same period in 2003.

H&M also attributed the profit rise to cost control measures.

The company just opened its 1,000th store and will open 65 more in the last three months of its financial year.

"The positive turnover development and continued cost control have led to (a) strongly improved result in the US compared to the same period last year," H&M said in a statement.

Sales in the third quarter were up 14% at 12.84bn crowns on the same time last year, with sales in the US up 27%.


SEE ALSO:
Cold weather helps H&M sales soar
15 Nov 02  |  Business
H&M fashions profit jump
19 Sep 02  |  Business


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