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| H&M to open more international stores as profits surge | H&M to open more international stores as profits surge |
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| Swedish fashion retailer H&M has beaten analysts’ forecasts as it pushes ahead with rapid international expansion. | |
| The world’s second-largest clothing group after Spain’s Inditex, the owner of Zara, made after-tax profits of SKr3.6bn (£284m) in the quarter to 28 February, up 36% on a year earlier. However it warned about the impact of the strong dollar on its sourcing costs. | The world’s second-largest clothing group after Spain’s Inditex, the owner of Zara, made after-tax profits of SKr3.6bn (£284m) in the quarter to 28 February, up 36% on a year earlier. However it warned about the impact of the strong dollar on its sourcing costs. |
| The group plans to open 400 new stores this year, mostly in China and the US. Last year it opened 379 outlets and this year’s expansion plans would push the number of stores worldwide to around 3,950. H&M is pushing into new markets including Peru, Macau, South Africa and India. In February it opened its first store in Taipei, Taiwan. | The group plans to open 400 new stores this year, mostly in China and the US. Last year it opened 379 outlets and this year’s expansion plans would push the number of stores worldwide to around 3,950. H&M is pushing into new markets including Peru, Macau, South Africa and India. In February it opened its first store in Taipei, Taiwan. |
| H&M plans to open a new flagship store on Herald Square in New York next year, which will be one of its largest shops worldwide at 5,700 sq m. It opened one on Fifth Avenue last year, with the store front (and H&M handbags) decked out in images of Jeff Koons’ yellow Balloon Dog sculpture. | |
| However, sales growth has slowed. Sales in local currencies were up 9% in the first three weeks of March, after climbing 15% in the first quarter. | |
| The strong dollar will gradually drive up the company’s sourcing costs, it warned. Those costs are in other currencies such as the dollar, while it reports in Swedish krona. | The strong dollar will gradually drive up the company’s sourcing costs, it warned. Those costs are in other currencies such as the dollar, while it reports in Swedish krona. |
| Countries where H&M will start selling its clothes online this year include Portugal, Belgium, and Switzerland, including some states in eastern Europe. | |
| “We have made a very good start to 2015,” H&M chief executive Karl-Johan Persson said. “Our attractive customer offering and strong expansion both through stores and online, as well as our work on continuous improvement, are among the reasons for increased market share gains and good profits.” | |
| The retailer plans to open 100 new home departments selling furnishings and home accessories. It has branched out into sportswear and extended its shoe range. A new beauty range is slated for this autumn. | The retailer plans to open 100 new home departments selling furnishings and home accessories. It has branched out into sportswear and extended its shoe range. A new beauty range is slated for this autumn. |
| There was the usual scrum when a clothes range designed by Alexander Wang for H&M went on sale in November, marking 10 years of designer/high street collaborations. In November 2004, H&M signed up Karl Lagerfeld to design cut-price versions of his clothes. |