World Clothing Giant H&M Net Profit Fell 30% In The First Quarter
Recently, the world's top third fashion retailers, Sweden
clothing
Retail giant Hennes&Mauritz AB
company
The first quarter of 2011 was released on Thursday.
Financial Report
。
Data showed that the net profit of the company dropped 30% to 2 billion 620 million Swedish kronor (415 million US dollars) in the quarter compared with the same period last year, and the net profit of the company was 3 billion 740 million kronor in the same period last year.
Hennes&Mauritz AB's earnings decline this quarter is mainly due to higher costs and the strength of the Swedish kronor.
Data show that the company's sales (excluding VAT) decreased from 24 billion 850 million Swedish kronor in the same period last year to 24 billion 500 million kronor, down 1.4%.
Analysts surveyed by FactSet had expected the company's net profit for the quarter to be SEK 2 billion 730 million, with sales expected to be SEK 24 billion 920 million this quarter.
The company said cotton prices rose sharply, surplus capacity was reduced, pportation costs were higher, and the US dollar had adverse effects, which led to its gross profit margin in the first quarter of this year, down from 61.9% in the same period last year to 57.8%.
According to its national currency, its sales in February increased by 9% over the same period last year, while sales from March 1st to March 29th increased by only 3% over the same period last year.
The company said it plans to open 97 new stores and close 8 stores in the second quarter of this year. It is expected that China, Britain and the United States will be the largest market for expansion in 2011.
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