H&M to open 400 stores in 2015 after fourth quarter profit rise
H&M has reported that its pre-tax profits rose to 6,222 million Swedish kronor in its fourth quarter from with 5,549 million kronor in the same period in the previous year.
In the three months to end November, sales excluding VAT amounted to 42,644 million kronor, which was an increase of 17%.
The retailer opened a net 379 new stores in the full year to take the total to 3,511 in 55 markets. H&M’s biggest expansion markets were China and the US although Poland and Germany were also strong. It also launched online stores in France, Italy, Spain and China.
H&M plans to open around 400 new stores in the 2015 financial year. Most of the expansion will take place in existing markets although new markets will include Taiwan, Peru, Macau, South Africa and India.
The retailer expects total sales to increase by 14% in local currencies in January compared to the same month last year.
H&M chief executive Karl-Johan Persson said: “We have another exciting year ahead of us, with new opportunities and challenges. 2015 has got off to a good start, with strong sales in both December and January. Although the increasingly expensive US dollar will affect our sourcing costs, we will make sure that we always have the best customer offering in each individual market in terms of fashion, quality, price and sustainability, which form the basis of our business idea.”
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