H&M posts drop in profit, to launch another brand next year

For the nine month period from December 1, 2016 to August 31, 2017, the H&M group’s sales including VAT increased by 7 percent to 173,290 million Swedish krona (21,237 million dollars). The company said, sales excluding VAT amounted to 149,597 million Swedish krona (18,335 million dollars), an increase of 7 percent and in local currencies sales increased by 4 percent. In the third quarter, the H&M group’s sales including VAT increased by 5 percent to 59,383 million Swedish krona (7,277 million dollars), while sales excluding VAT amounted to 51,229 million Swedish krona (6,278 million dollars), an increase of 5 percent or 4 percent inn local currencies. As a part of its growth plan, in addition to Arket, H&M plans to launch one more brand next year.