Swedish fashion giant H&M has reported sales in over the Christmas period of December were up 15% in local currencies.

H&M also reported current sales, from January 1-26 continued to be strong, up 13% in local currencies compared to the same period last year.

For the full year to November 30, H&M has reported sales excluding VAT for the year were up 15% to SEK 101.39bn (£8.57bn) or up 4% in local currencies in its full year results. However, comparable sales were down 5%.

Profit after financial items was SEK 22.1bn (£1.87bn). Group profit after tax was SEK 16.38bn (£1.39bn).

In the fourth quarter ending November 30, sales excluding VAT were up 6% to SEK 28.01bn (£2.37bn). On a like-for-like basis sales fell 6%.

In local currencies, sales were up 3%. Profit after financial items for the fourth quarter was up 12% to SEK 7.99bn (£0.67bn). Group profit after tax was SEK 6.15bn (£0.52bn).

In the year, H&M set up in Russia and opened 275 shops, and closed 25. For the next financial year, it plans to open around 240 shops.

 


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