H&M Announces Big Profits & New Footwear
Posted Thursday June 19, 2014 9:15 AM GMT
Continuing their climb toward world domination, H&M just unveiled plans for an extended footwear lineup for men, women and kids, coming this fall.
The Swedish discount retailer seems unstoppable with the momentum generated by an almost 25% net profit increase in the fiscal second quarter.
Furthermore, Hennes & Mauritz AB plans on stepping up their Sport line, which is paying off big time after a large investment in developing their activewear offerings.
CEO Karl-Johan Persson told WWD, “We have had a good second quarter with a strong increase in both sales and profits and increased market share. All our brands — H&M, COS, & Other Stories, Monki, Weekday, Cheap Monday and H&M Home — enjoyed good sales development during the second quarter. We are very pleased that H&M Sport, which we are broadening further, continued to gain market share within the sports segment.”
And Nils Vinge, head of investor relations, added that e-commerce efforts are underway to expand online sales in new markets. “We see these investments as very important for H&M’s future success. They cost a lot now but will be very important for H&M for many years to come. The long-term investments are aimed at further strengthening H&M’s market position and securing future expansion.”