Partly Cloudy

Partly Cloudy

max temp: 16°C

min temp: 9°C

Search

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

A project that has seen an unkempt woodland transformed into an outdoor learning space has been awarded a £6,000 grant.

Police have launched a search for a missing Suffolk schoolgirl.

Today schools, care homes, mum’s groups and office all over Suffolk have been brewing up for Macmillan’s World’s Biggest Coffee Morning.

Residents at a Suffolk care home are raising a toast to their home’s newest feature – a traditional country pub.

A Hadleigh father-to-be who may never walk again after a freak rugby tackle admits he is “flabbergasted” after receiving offers of a free £8,000 electric wheelchair and his household bills being paid for six months.

The first layers of paint concealing one of Carl Giles’s most important pieces of artwork have been scraped away – but it is still too early to tell if it can be salvaged.

We’ve now reached the third instalment of our A-Z of Ipswich looking at the history of our most distinguished residents and iconic buildings.

A family of furry guests have taken up temporary residence at an animal rescue centre in Suffolk.

Looking for an action-packed day out or an evening of entertainment? See our guide to family fun in Suffolk this weekend.

The East of England Co-op has announced plans to demolish an unused building in Ipswich which will pave the way for more regeneration.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24