The Swedish clothing group Hennes & Mauritz (H&M) did good business in the third quarter of its broken financial year. The company benefited from the ongoing adjustments to the stock policy. As a result, the Swedes sold more clothing for the full price and fewer articles had to be worn through the offer box. This benefited H&M’s profit.
The summer collections from H&M were also well received, says CEO Karl-Johan Persson. The company grew double-digit in various markets such as the United States, Poland, Italy, Russia and India. In India, H&M also started to sell clothing via the Myntra web store, where the reception was above expectations according to the company. H&M brought its own web store to Indonesia and Thailand. H&M also went to more countries with its other stores such as COS, Monki, & Other Stories and Arket.
H&M increased the profit to 3.9 billion Swedish krona, around 356 million euros. Earlier, the clothing company announced that it had increased its turnover by 12 percent in the third quarter to 62.6 billion Swedish krona.
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