Partly Cloudy

Partly Cloudy

max temp: 20°C

min temp: 13°C

Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Retail: Fashion chain H&M to open more stores after rise in annual sales and profits

12:04 30 January 2014

H & M  has announced increased profits for the year to Novemer 30.

H & M has announced increased profits for the year to Novemer 30.

Fashion giant H&M today revealed plans to keep up its global expansion drive with more stores and new online markets as it posted increased annual sales and profits.

The Stockholm-based group opened more than one store a day in 2013 and plans to add another 375 in 2014, extending its footprint to Australia and the Philippines and launching online in countries including France.

H&M outlined the growth targets as it posted an 11% rise in profits to 7.3billion Swedish kronor (£682million) for the year to November 30.

It said this came despite tough economic conditions and aggressive discounting in many markets.

Sales across its 245 UK stores rose 3% in sterling terms over the year, boosted by an 11% surge in the final three months.

Group-wide sales lifted 13% in the fourth quarter, up 3% on a like-for-like basis, and H&M said the new financial year had “got off to a good start”.

Sales in December rose 10% and growth is expected to pick up to 15% in January.

Karl-Johan Persson, chief executive of H&M, said: “Although there are still macroeconomic challenges in several of our markets, we are optimistic about 2014 which will be an exciting year with new countries and new opportunities.”

The chain now has more than 3,100 stores in 53 countries and employs just over 116,000 staff.

It has been broadening its offer amid competition from budget rivals such as Primark, having launched “& Other Stories” as a new fascia for the business and developing new product lines, such as H&M Sport and H&M Home.

China and the US have as been its largest markets for expansion in recent years, but it continues to set its sights on new territories with aims to launch stores in another two countries after the end of its current financial year.

0 comments

Starbucks in the Buttermarket which is set to close on March 19th.

A third Starbucks coffee shop is set to open in Ipswich, it has been announced – just a year after the chain pulled out of its store in the Buttermarket.

Lynne cleaned her over while grandson George tried to knock holes in the wall

Do you like your sausages well done? If so, how well done? asks Lynne Mortimer.

St Helen's Primary School - demand for places is high

Plans to launch a free school in Ipswich have been unveiled in a bid to meet an increasing demand for primary school places.

Keith Senior is pictured at Jacobs Allen in Bury St Edmunds

Concerns have been raised about how Thursday’s decision to quit the EU will affect mortgage rates and foreign travel.

Emergency services attend the scene of a road traffic collision on Belstead Road on Thursday 23rd June.

Police are appealing for witnesses following a road traffic collision in Belstead Road, Ipswich last Thursday.

Cedarwood Primary School in Kesgrave. Stock image.

The Parents and Friends Association of Cedarwood Primary School have begun a Crowdfunding project to raise money for new school play equipment.

The A14 heading towards the Orwell Bridge

An accident involving a Honda Civic and a lorry blocked one lane of the A14 eastbound in Wherstead at junction 56, the A137 Wherstead Interchange, this morning.

Ipswich Crown Court.

Police have praised the “immense courage” of a child sex victim after her abuser was jailed for 17 years for a catalogue of offences.

Gemma Edgar's son Noah had his eye removed and underwent proton beam therapy and chemotherapy in Florida

It’s the news every parent fears – but being told her youngest son had cancer was doubly devastating for a Colchester mum – herself diagnosed with a terminal brain tumour little more than a year earlier.

Abellio Greater Anglia

The region’s train operator Abellio Greater Anglia has closed two lines to and from London Liverpool Street this morning due to overrunning engineering works.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24