Madonna fashion line lifts Hennes and Mauritz

Hennes & Mauritz, Europe’s second-largest clothing retailer, said yesterday its profit rose 31 per cent in the second quarter as the company opened new stores and the Madonna-branded collection was well-received by customers.

H&M, which operates nine stores in the Toronto area, also announced a collaboration with Italian designer Roberto Cavalli.

Net income for the three months through May 31 rose to 3.47 billion Swedish kronor, or $540 million (Canadian), from 2.65 billion kronor a year earlier, H&M said. Sales gained 18 per cent to 20.05 billion kronor. Net income for the first six months rose to 5.1 billion kronor.

“The spring collections have been well received by the customers during the whole first half-year,” the company said.

Shares in H&M, which has a total of 1,420 stores worldwide, dipped 1.54 per cent to 416 kronor yesterday in Stockholm, however.

source: Associated Press, Toronto Star