Overcast

Overcast

max temp: 19°C

min temp: 13°C

ESTD 1874 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.

Search hundreds of local jobs at Jobs24

0 comments

Earl Soham. Credit: Mike Page.

Owners of an east Suffolk business centre are looking to convert some of its older buildings into residential use – while finding new sites for those being displaced.

An example of the Mantsinen 200M hydraulic crane.
Picture: Cooper Specialised Handling

Associated British Ports (ABP) is investing £6m in new hydraulic cranes from Finnish firm Mantsinen for five of its ports including Ipswich.

Viv Gillespie,  principal at Suffolk New College.

Suffolk New College has become the first organisation to sign up as a patron of the Young Chamber scheme run by Suffolk Chamber of Commerce to bridge the gap between the worlds of education and work.

Concrete manufacturer Poundfield Products plans to expand after clinching £1m in funding.

A precast concrete firm has cemented a £1m investment deal to boost its manufacturing operation.

Grain handling at the Port of Ipswich.

The 2015 Port Freight statistics released by the Department for Transport (DfT) yesterday (Thursday, September 22) show that ABP’s Port of Ipswich is once again the UK’s leading export port for agricultural products.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24