H&M looks to be recession proof with new jobs and a new China store.
With all the doom and gloom forecast for this year, we wanted to share the good news from H&M. The Swedish retailer who has 4 outlets in Hong Kong has just released their 2008 earnings report and they look just great, proving that smart management and a great product line with innovative marketing campaigns are recession proof, but we digress.
Highlights from their Full Year Report that ended November 30, 2008:
- Profit after financial items for the fourth quarter was SEK 7,114 m (6,221), an increase of 14 percent.
- Sales in the first two H&M stores in Tokyo surpassed the company’s high expectations and were H&M’s most successful store openings ever.
- The outlook for the future expansion and the development opportunities remains positive. H&M will create 6,000 to 7,000 new job opportunities during 2009.
- For the financial year 2008/2009 a net contribution of 225 stores is planned.
- The company is preparing the first store opening in Bejing during the spring 2009.
- Sales in January 2009 expected to increase by 8 percent in local currencies compared to the same month last year.
- The total number of stores in the Group as per 30 November 2008 thus amounted to 1,738 (1,522), of which 18 are franchise stores.
Interested to read the rest click here. It seems that H&M may have some challenges ahead of them in 2009 is strong enough to weather the current economic tsunami.