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H&M Q2 profits rise 25% as it plots Chinese launch

H&M pre-tax profits increased by 25% to SEK 7.6bn (£675m) from March 1 to May 31, as the retailer revealed it would launch a dedicated Chinese site in autumn.

“Well received” spring collections resulted in a 20% increase in sales for the quarter to SEK 37.8bn (£3.35bn) and increased market share for the retailer.

From December 1 2013 to March 31, sales excluding VAT at H&M increased by 17% to SEK 69.9bn (£6.21bn).

Profit after tax for the six months increased by 18% year-on-year to SEK 11.1bn (£986m).

As well as China, H&M will expand into the online market in Spain and Italy this autumn, while the Philippines and India will see their first bricks and mortar H&M stores.

H&M will expand this autumn through bricks and mortar stores, while new online markets for autumn include Spain, Italy and China.

An extended shoe range will also launch in autumn.

Karl-Johan Persson, chief executive of H&M, said “strong sales development together with good cost control” contributed to the increase in profits.

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