H&M’s UK profits and sales were flat last year despite expanding its store estate by nearly 10%.
Pre-tax profit dipped from £50.43m to £50.38m while sales inched up from £1.01bn to £1.04bn in the year to November 30, 2016.
Gross margin crept up from 48.4% to 49%.
In the same period, H&M group’s total sales rose 6% in constant currencies to Skr 222.8bn (£20.2bn) while profit after financial items slipped 11.8% to Skr 24.04bn (£2.18bn).
In the UK, H&M opened 21 UK stores and closed three stores, leaving it with 282 outlets at the end of the year.
While the UK still represents the group’s third biggest market, it now accounts for 6.8% of group sales, down from 7.6% in 2015.
H&M is currently focusing on expanding in the US and Germany while diversifying its stable of brands.
It has recently bought cult brand Weekday to the UK, adding a store on London’s Regent Street, and chose to launch its new fascia Arket, which focuses on classic tailoring and good quality wardrobe staples, in London.
No comments yet