STOCKHOLM, Sweden – Fashion retailer Hennes & Mauritz AB says its earnings increased 5 per cent in the first quarter on rising sales but margins shrank due to higher purchasing costs.
Net profit was 2.74 billion Swedish kronor ($411 million) in the December 2011-February 2012 period, up from 2.62 billion kronor in the same period a year earlier.
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In Thursday’s report, H&M said net sales rose to 27.8 billion kronor, from 24.5 billion kronor a year ago, and the increase continued in March.
H&M said it opened a new store in Sofia, Bulgaria, this month and plans to have opened other stores in Bulgaria, Latvia, Malaysia, Mexico and – through a franchise – Thailand by the end of the year.
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