H&M cashes in on weak dollar

HIGH street fashion retailer Hennes & Mauritz reported a 30 per cent jump in half-year profit, boosted mainly by a weaker dollar, lower input costs and increased efficiencies.

The Swedish firm, Europe's second-largest clothing chain, which operates under its initials, H&M, said profit after financial items for the six months to 31 May rose to SKr12 billion (1.03bn), while first-half sales, excluding VAT, grew 4 per cent to SKr52bn. H&M, which recently opened the first Scottish branch of its upmarket Cos brand in Glasgow, plans to create 180 stores worldwide and close 14 in the second half.