The H&M Group’s sales including VAT increased in local currencies by 8 percent during the financial year 1 December 2010-30 November 2011. Sales in SEK were strongly negatively affected by currency translation effects. Converted into SEK, sales excluding VAT amounted to SEK 109,999 m (108,483).Gross profit amounted to SEK 66,147 m (68,269), corresponding to a gross margin of 60.1 percent (62.9). Of this year’s profit decrease compared to the previous year, approximately SEK 1.5 billion in total is due to negative currency translation effects and the item affecting comparability relating to the H&M Incentive Program. Group profit after tax was SEK 15,821 m (18,681). Strong expansion during the year. The Group opened 266 (218) new stores net. China, the US, the UK ?and Germany were the largest expansion markets. (Picture shows the collaboration with Versace)