Fashion retailer H&M ups sales by a third in Romania

Fashion retailer H&M recorded sales of some EUR 27 million (SEK 248 million) in Romania in the first three months of the 2014 fiscal year, namely the period between December 1, 2013 and February 28, 2014, meaning a year-on-year increase of 32 percent. In local currency, the increase was 29 percent, according to the company’s recent financial results. In this period, H&M opened two new stores on the local market, reaching a total of 30 units across the country. At a group level, the retailer’s sales including VAT increased in local currencies by 12 percent during the first quarter. Converted into SEK, sales excluding VAT went up by 13 percent. The group had 3,192 stores as of February 28, 2014, of which 111 were franchise stores. Irina Popescu, irina.popescu@romania-insider.com