INTERIM REPORT, 2003-12-01 — 2004-02-29

• Group turnover for the period excluding VAT amounted to SEK 11,756 m (10,771), an increase of 9 per cent. With comparable exchange rates, the increase was 12 per cent. Turnover including VAT was SEK13,807 m (12,636).

• Profit after financial items amounted to SEK 1,788 m (1,689). Profit after estimated tax was SEK 1,162 m (1,098), corresponding to earnings per share of SEK 1.40 (1.33).

• Gross profit amounted to SEK 6,311 m (5,858), which corresponded to a margin of 53,7 per cent (54,4).

• Operating profit amounted to 1,701 (1,558), an increase of 9 per cent. Operating margin was 14.5 per cent (14.5).

Contact persons:

Carl-Henric Enhörning, IR
+46 8 795 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