H&M half-year report (1 December 2003-31 May 2004)

Turnover for the H&M Group excluding VAT amounted to SEK 24,981 M (23,070), an increase of 8 per cent. With comparable currency rates, the increase was 10 per cent.

Profit after financial items for the half-year was SEK 4,497 M (4,256). Profit per share after estimated tax was SEK 2,923 M (2,766), corresponding to SEK 3:53 (3:34) per share.

Turnover for the second quarter excluding VAT amounted to SEK 13,225 M  (12,299), an increase of 8 per cent compared with previous year.  With comparable currency rates the increase was 9 per cent.

Profit after financial items for the second quarter was SEK 2,709 M  (SEK 2,566), an increase of 6 per cent.

Sales in the first two stores in Canada, Toronto, has been well over expectations.

A contract has been signed for the first establishment on the US  west coast in San Francisco. Opening planned during the autumn 2005.

The operations in the USA reported profit after depreciations during the second quarter.