Hennes & Mauritz AB, Europe's second-biggest clothing retailer, reported fourth-quarter profit that topped analysts’ estimates as the company added stores in China and the U.S. and expanded its collection. Net income rose to 6.22 billion kronor ($760 million) in the three months through November, the Stockholm-based company said in a statement today. This year "has gotten off to a good start, with strong sales in both December and January," H&M CEO Karl-Johan Persson said in the statement. The stronger U.S. dollar will affect the company's sourcing costs, he added.
"We don't recognize our image reflected in these complaints," said Camilla Emilsson Falk, H&M's spokeperson to the Aftonbladet newspaper. "We also want the wages to be raised, and we're working hard to promote wages increasing in several countries, including Cambodia, among others." H&M CEO Karl-Johan Persson also defended the company's practices. "We are working with one of the world's leading experts on salaries in countries like Cambodia. We want the salaries to be raised," he told the Expressen newspaper.
Stockholm, Sweden -- Hennes & Mauritz AB reported Wednesday that profit for the second quarter rose 23% to $750 million, beating Wall Street estimates and marking the strongest profit increase in seven quarters for Europe’s second-largest apparel retailer. H&M had announced on June 15 that sales for the quarter rose 15% to $4.5 billion, beating estimates and boosted by sales strength in the United States. The retailer said it will open seven to 10 stores called “& Other Stories” in 2013 and reiterated its plans to add about 275 stores this fiscal year, with China, the United States and
H&M will open in Mexico City, Mexico in the autumn of 2012.
Details about H&M’s new retail concept, slated to open in 2013, are leaking out in dribs and drabs. Although the company announced last week it would open another chain when it gave its first quarter report, no name or other details were revealed. In the meantime, Dagens Nyheter, the Swedish news organization, reported that trademarks and logos for “& other stories” were registered by H&M last year. Today, H&M confirmed that “& other stories” is indeed the name of the new chain.
New York -- Swedish fast-fashion retailer Hennes & Mauritz (H&M) plans to call its new retail brand “& other stories” according to various media reports. H&M will neither confirm nor deny the reports. But Swedish news outlet Dagens Nyheter reported that trademarks and logos for '& other stories' were registered by a Swedish firm last year, and that Camilla Emilsson-Falk, head of media relations for H&M, confirmed the details. The new brand, set to launch next spring in Europe will feature higher price points and better quality materials. “The new chain of stores will be independent and complement