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Leap year day boost for fashion chain H & M sales

Thursday, 15 March 2012
Fashion chain H & M sales in stores open at least a year by 2 percent in February. The increase is due to the extra leap day in the month. But analysts would still be happy because sales were better than anticipated.

Therefore in February 2012, H&M group total sales including VAT in local currencies increased by 13 percent compared to the same month the previous year. Sales in comparable units increased by 2 percent according to results release via a press release.

Comparable units comprise the stores and the internet and catalogue sales in countries that have been in operation for at least a financial year. Sales in February were positively affected by approximately 3 percentage points due to the leap day on 29 February 2012.

In the first quarter, i.e. 1 December 2011 to 29 February 2012, sales including VAT increased by 13 percent in local currencies compared to the corresponding quarter last year. Sales in comparable units increased by 3 percent.

Sales in the first quarter converted into SEK amounted to Skr 32,503 m (28,708) including VAT. Sales excluding VAT amounted to SEK 27,832 m (24,503).
The total number of stores amounted to 2,491 on 29 February 2012 versus 2,212 on 28 February 2011.

In related development, H&M announces that his summer will see COS expanding into Poland with a store opening in the capital Warsaw. The new store will be situated within the Mysia 3 concept store development near the Wolf-Bracka district of central Warsaw; a unique space that provides a simple aesthetic and industrial interiors. This landmark development is the ideal location for the first COS store to open in Poland.

COS compliments H&M in sharing the same business concept - ‘fashion and quality at the best price’.
By Team

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