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Tuesday, 16.04.2024, 21:55
Profit of Swedish clothing retailer H&M in Latvia shrinks twice
BC, Riga, 17.05.2017.
Print version
Print versionSwedish clothing retailer Hennes & Mauritz (H&M) in the past fiscal year that lasted from December 1, 2015, until November 30, 2016, posted EUR 28.434 million in sales in Latvia, up 4.3 percent from the previous fiscal year, while the company’s profit dropped twice to EUR 705,682, according to Firmas.lv business database writes LETA.
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The company’s management report said that in 2016 the company opened two stores in Latvia – H&M and COS brand stores.
Operations of H&M company in Latvia has been successful. At present the company runs eight stores in Riga and an online store.
The company plans a stable development in the future, and does not exclude a possibility to open some new stores.
In the previous fiscal year that lasted from December 1, 2014, until November 30, 2015, the company’s sales reached EUR 27.271 mln, and profit was EUR 1.428 mln.
The first H&M stores in Latvia opened in the fall of 2012.
H&M Hennes&Mauritz, established in March 2012, has a share capital of EUR 5.003 mln, and is fully owned by Swedish H&M Hennes&Mauritz International.
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