H&M profit in the first fiscal quarter decreased 1.7 times

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The largest clothing retail chain in Europe, the Swedish company Hennes&Mauritz reported the results of the first fiscal quarter ended February 28. The quarterly report showed that its net profit declined annually by 41% to 803 million Swedish kronor. The decline was due to a one-time income of 399 million kronor in the first quarter due to tax reform in the United States. The quarterly pre-tax profit fell to a minimum in 18 years - 1 million 40 thousand kronor, despite the fact that, according to analysts, a more significant drop was expected - to 678 million kronor. The revenue indicator, which does not take into account value added tax, amounted to 51 billion 15 million kronor, having increased over the year by 10.5%. Sales growth was noted in all regions. Most sales increased in India - by 42%.

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