STOCKHOLM, March 3 (Reuters) - Swedish fashion retailer Hennes & Mauritz AB said on Wednesday its board would propose a two-for-one share split at the company's annual shareholders' meeting on April 29.
H&M did not give a reason for its decision but said that after the split, the number of its A-class shares would increase to 194.4 million and B-shares to 1.461 billion. It said the split would take place between May 20 to June 18.
Shares in H&M have risen around 41 percent since the start of 2009 against a rise of 36 percent in the wider European retail index. They closed at 438.9 crowns on Tuesday.
In late January, the company posted better-than-expected quarterly earnings, boosted by a recovery in the global economy. Sales at the start of the year have also been strong.
(Editing by David Holmes) Keywords: H&M/ (Stockholm Newsroom, tel: +46-8-700 1017, e-mail: stockholm.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
H&M did not give a reason for its decision but said that after the split, the number of its A-class shares would increase to 194.4 million and B-shares to 1.461 billion. It said the split would take place between May 20 to June 18.
Shares in H&M have risen around 41 percent since the start of 2009 against a rise of 36 percent in the wider European retail index. They closed at 438.9 crowns on Tuesday.
In late January, the company posted better-than-expected quarterly earnings, boosted by a recovery in the global economy. Sales at the start of the year have also been strong.
(Editing by David Holmes) Keywords: H&M/ (Stockholm Newsroom, tel: +46-8-700 1017, e-mail: stockholm.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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