Full-year results, 1998-12-01 -- 1999-11-30

• Group turnover amounted to SEK 32,977 M (SEK 26,650 M), an increase of 24 per cent compared with the previous year

• Same store sales increased in all markets

• Profit before tax was SEK 4,759 M (SEK 3,468 M), an increase of 37 per cent. Adjusted by a one-time expenditure for a millennium bonus to the employees of SEK 94 M, the result increased by 40 per cent and amounted to SEK 4,853 M.

• The last quarter of the financial year has also been charged with start-up costs of SEK 48 M (SEK 13 M), of which SEK 25 M for the operations in Spain and USA, not yet started

• Profit per share after tax increased to SEK 3.72 (SEK 2.76)

• Investments amounted to SEK 1,296 M (SEK 1,008 M). A total of 75 new shops were opened

• The Board of Directors proposes a dividend of SEK 1.35 per share

• 90 new stores are planned to open during the present financial year, of which ten in Spain and USA altogether, markets new to H&M