Partly Cloudy

Partly Cloudy

max temp: 22°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.

shares

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.

shares

0 comments

Millions have been paid to passengers since 2012

There was a £900,000 increase in the amount paid to delayed passengers in just one year – from £1.4m in 2013/14 to £2.3m in 2014/15.

The new branding for Tarmac following its acquisition by CRH.

Iconic contruction brands Tarmac and Blue Circle have been combined to create a UK leader in the building materials sector.

Anne Holt of Baker Tilly.

East Anglia’s many ports and logistics businesses are being advised to prepare for new European Union customs duty arrangements which come into force next year.

Alan Cowie, communications and events officer at the| New Anglia Growth Hub.

New Anglia Growth Hub is to host a funding workshop, bringing together five providers of business support under one roof.

The Birketts Tour de Wellbeing cycle team, from left, Matthew Potter, Ben Burt, Jolyon Berry (front) Greg Jones and Tom Shape.

Members of the employment team at regional law firm Birketts raised more than £1,000 for Breast Cancer Care by taking part in the Tour de Wellbeing virtual cycle race, held by EMCOR UK to coincide with the Tour de France.

A plane in Flybe's latest purple livery.

Regional airline Flybe has confirmed its 2015-16 winter schedule to and from Stansted.

The head office of BT, the BT Centre, in Newgate Street, central London.

Thousands of BT workers are to share in a £265million payout under share-related savings schemes which will see some employees making gains of more than £54,000.

Lloyds has added £1.4billion to its bill for compensating customers mis-sold payment protection insurance.

State-backed Lloyds Banking Group’s provision for payment protection insurance mis-selling has topped £13billion after it yesterday took another £1.4billion hit over the scandal.

A computer-generated image of how the Sizewell complex will look after construction of Sizewell C.

Development of Sizewell C took a huge step forward today as the companies were announced that will build its sister nuclear power station in Somerset.

Gary Allen, operations manager,  with Diane Allen and Graham Allen at Ipswich-based Ajax Domestic Spares which is celebratiing 40 years in business.

Ajax Domestic Spares has marked 40 years in business in style by launching a new showroom in Foxhall Road, Ipswich.

Most read

Most commented

Topic pages