Akropolis Group’s companies Ozo Turtas and Taikos Turtas have signed a contract with Hennes & Mauritz (H&M) on clothing stores opening in Vilnius’ and Klaipėda’s shopping and entertainment centres Akropolis, writes delfi.lt
First H&M stores in Lithuania will open in the fall of 2013.
According to the Akropolis LT representative Renata Jakubčionienė, H&M store in Vilnius Akropolis will be the largest in the Baltic countries.
H&M’s expansion into the Baltics started in Latvia. In September, the first chain store opened in Riga.
Earnings grew by 1 percent
Although the summer sales season was successful, the Swedish clothing chain H&M profit in the third quarter grew only by 1 percent. Due to the European debt crisis and poor weather conditions in August, consumption fell more than expected.
Next year H&M intends to launch a new fashion brand.
According to Thursday’s report, the net profit for the third quarter reached EUR 3.6 billion kronor (1.46 billion LTL) and was slightly higher than the 3.59 billion kronor profit recorded in the same period a year ago.
The income increased from 31.51 billion up to 33.57 billion kroners (from 12.63 to 13.44 billion LTL), but the gross margin decreased from 58.6 to 58.2 per cent.
H&M claims to own more than 2,600 stores in 46 countries.
Translated by Monika Mikučionytė