Global brand H&M published financial report. According to the report, the brand’s revenue was 17% up (5.1 million GEL) and amounted to 35.4 million GEL on the Georgian market.
Company’s revenue by years:
2018 – 30,288,000 GEL;
2019 – 35,426,000 GEL
The prime cost of goods sold by H&M in 2019 was 19,127,000 GEL, while the company's general and administrative expenses were 13,880,000 GEL.
According to the company's report, H&M ended 2019 with a loss of 7,000 GEL, which is less than the net profit of 1.3 million USD in 2018. The profitability decrease is related to the investments made by the company to open a third store in the country.
"Due to the global pandemic of COVID-19, the fiscal year will be full of challenges in achieving the planned results. The company was obliged to close all stores after March 20, 2020. On June 1, 2020, Tbilisi stores have re-open. In May 2020, the parent company made a cash contribution of 10,000 GEL to the company's charter capital to support the company's operations," the H&M said in a statement.
However, H&M opened the first store in November, 2017. The company operated with 3 stores in 2019.
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