STOCKHOLM--(BUSINESS WIRE)-- Regulatory News:
H & M Hennes & Mauritz (STO:HMB):
1 December 2012 – 28 February 2013
Comments by CEO Karl-Johan Persson
“The first quarter has been characterised by the continued challenging situation for the fashion retail industry in many of our markets mainly due to a continued tough macro-economic climate, but also due to unfavourable weather during parts of the quarter. This meant that sales in the first quarter did not reach our expectations. The reported sales increase in SEK has been affected by substantial negative currency translation and calendar effects of almost SEK 2 billion – adjusted for these negative effects the sales increase was 8 percent.
Our new fashion brand & Other Stories has been tremendously well received at its launch this March. Sales, both in stores and online, have far exceeded our high expectations. This clearly shows that the long-term work behind the development of & Other Stories has been completely right. This opens the possibility that & Other Stories can expand more widely and faster than we originally planned. We see great potential for & Other Stories in both the short and the long term, and are convinced that our new brand will become an important part of the H&M Group.
2013 will be a challenging and exciting year with continued strong expansion. We are ramping up the rate of expansion to approximately 350 new stores net compared to the originally planned 325. We will open in five new countries in 2013 and are also preparing to open in other countries in 2014, such as in Australia. We are also continuing to work on our long-term investments in IT, online, & Other Stories and the broadening of our range. An example of this will be the launch of H&M’s updated and extended sports concept for women, men and children at the beginning of 2014. The range will be significantly broader than today and will consist of sportswear and accessories in specially developed functional materials suited to various kinds of sporting activities.”
The information in this Interim Report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under Sweden’s Securities Market Act. It will be released for publication at 8.00 (CET) on 21 March 2013.
|H & M Hennes & Mauritz AB (publ)|
|SE-106 38 Stockholm|
Phone: +46-8-796 55 00, Fax: +46-8-24 80 78, E-mail: firstname.lastname@example.org
|Registered office: Stockholm, Reg. No. 556042-722|
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on NASDAQ OMX Stockholm. The company’s business concept is to offer fashion and quality at the best price. In addition to H&M, the group includes the brands COS, Monki, Weekday and Cheap Monday, & Other Stories as well as H&M Home. The H&M Group has more than 2,800 stores in 48 markets including franchise markets. In 2012, sales including VAT were SEK 140,948 million and the number of employees was more than 104,000. For further information, visit www.hm.com.
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H & M Hennes & Mauritz AB
Nils Vinge, IR
+46-8-796 52 50
Karl-Johan Persson, CEO
+46-8-796 55 00 (switchboard)
Jyrki Tervonen, CFO
+46-8-796 55 00 (switchboard)
Source: H & M Hennes & Mauritz AB