Jan 31, 2017
H&M profits hit by strengthening dollar
The group's profits after tax were £1.7bn in the year ending 30 November 2016. Sales were lower than expected, partly because people held off from buying new clothes in Spring thanks to colder weather, prompting discounts. In the last three months net profits rose by 7% and sales increased. Karl-Johan Persson, H&M chief executive, said: "During the year, we opened 427 new stores net worldwide and added three new markets, and we also rolled out our online store to 11 additional markets." "Since these markets represent a large share of our sales, this consequently had a great impact on our overall sales development." Mr Persson said.
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