HALF-YEAR REPORT 1 December 2002 – 31 May 2003

* Turnover for the H&M Group amounted to SEK 27,025 M (24,706), an
increase of 9 per cent. In comparable currency rates, the increase was
12 per cent.

* Profit after financial items for the half-year was SEK 4,256 M
(3,318), an increase of 28 per cent.

* Profit per share after estimated tax was SEK 3:34 (2:61).

* Turnover for the second quarter amounted to SEK 14,390 M (13,460),
an increase of 7 per cent compared with the previous year. In comparable
currency rates the increase was 10 per cent.

* Gross margin amounted to 56,7 per cent during the second quarter (54,6).

* Profit after financial items for the second quarter was SEK 2,566 M
(SEK 2,138), an increase of 20 per cent.

* A very good start on the three new markets Poland, The Czech Republic
and Portugal. Continued strong improvement of the result in the USA,
positive result before depreciation, during the second quarter.

* The stock-in-trade is considered as very good both in level and in
composition.

Contact persons:

Carl-Henric Enhörning, IR
+46 8 796 54 10

Leif Persson, CFO
+46 8 796 13 00

Rolf Eriksen, CEO
+46 8 796 52 33

Switchboard
+46 8 796 55 00

Information about H&M and press photographs are available at www.hm.com