H&M U.S. stores making a good showing
Swedish apparel giant Hennes & Mauritz AB (H&M) says some of its U.S. stores already have gross margins performing to the average level of the international group. "I can see no reason why our U.S. stores will not show the same gross margins levels as the group average," says Carl-Henric Enhoerning,
H&M's head of investor relations. "We already have some U.S. stores which are at the same level and some which are over." He said that most of the improvement in the year to date and in the third quarter was spurred by lower discounting, and not from the weaker dollar, from which savings were passed on to customer. The company has set a goal of a 10 percent to 15 percent expansion rate of new store openings in 2004.
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