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H&M profits rise 11%

H&M saw Q4 sales rise 15% to SEK 26.3 billion (£2.3bn), helping the Swedish fashion chain to an 11% increase in full year profit to SEK 21.1bn (£1.8bn).

H&M’s full year sales excluding VAT rose 13% to SEK 88.5 bn (£7.7bn). Like-for-like sales fell 1% over the year.

H&M said that sales in December 2008 were 3% ahead on the previous year. January’s sales are expected to be 8% ahead.

H&M said it planned to open 225 stores in the new financial year and that it would create between 6,000 and 7,000 new jobs. The openings will include H&M’s first store in Beijing this spring.

Last year H&M opened 214 shops and closed 18 stores.

Readers' comments (1)

  • And this company continues to perform well!

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