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H&M UK grows 'considerably'

H&M’s UK arm grew pre-tax profits by more than 13% in its last financial year, with turnover rising “considerably”.

In the 12 months to November 30, 2012, the fast fashion chain saw revenues climb 8.2% to £777.6m, generating a pre-tax profit of £17.7m. Gross margins increased from 1% to 1.2% in that time.

Net profit came in at £9.19m, up more than a quarter from the same period in 2011.

The year included H&M’s successful collaborations with Marni, Maison Martin Margiela and David Beckham’s bodywear range.

During that period, the business opened 18 stores and closed five, leaving the UK estate at 226 stores.

In the results, filed at Companies House, the business said it was “pleased” with the performance.

“The directors believe the business performed well considering the challenging retail environment in 2012,” a statement said.

The UK’s gross sales accounted for 7.4% of the group’s global total, up from 7.2% in 2011.

The wider business has struggled to perform of late, with its most recently quarterly results showing a decline in profits of 10.8% for the three months to May 31.

Some of this underperformance has been blamed on a rise in competition from the likes of Primark and Asos.

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