HALF-YEAR REPORT 1 December 2003 – 31 May 2004

• Turnover for the H&M Group excluding VAT amounted to SEK 24,981 M (23,070), an increase of 8 per cent. With comparable currency rates, the increase was 10 per cent.

• Profit after financial items for the half-year was SEK 4,497 M (4,256).
Profit per share after estimated tax was SEK 2,923 M (2,766), corresponding to SEK 3:53 (3:34) per share.

• Turnover for the second quarter excluding VAT amounted to SEK 13,225 M (12,299), an increase of 8 per cent compared with previous year. With comparable currency rates the increase was 9 per cent.

• Profit after financial items for the second quarter was SEK 2,709 M (SEK 2,566), an increase of 6 per cent.

• Sales in the first two stores in Canada, Toronto, has been well over expectations.
• A contract has been signed for the first establishment on the US west coast in San Francisco. Opening planned during the autumn 2005.

• The operations in the USA reported profit after depreciations during the second quarter.

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