H&M has spring in its step after big rise in profits

H&M logo H&M is continuing with its expansion plans

Swedish fashion retailer Hennes and Mauritz (H&M) has reported a 20% rise in quarterly profits following "very strong sales" of its spring collection.

In the three months to 31 May, its net profit was 5.2bn kronor ($745m; £474m), compared with 4.3bn last year.

H&M's sales for the period, its second quarter, rose 15% to 31.7bn kronor.

The company, the world's second-largest clothing chain, said it was on target to open a further 275 shops around the world this year.

H&M currently has 2,575 global outlets.

Chief executive Karl-Johan Persson said: "The year started well and the positive trend continued in the second quarter.

"The spring collections have been well received by our customers as shown by our increased market share in a fashion retail market that continues to be challenging," he said.

H&M is moving into five new markets this year - Bulgaria, Mexico, Latvia, Malaysia and Thailand.

In addition, it is launching online sales in the US.

It currently operates in 44 countries, ranging from western Europe and the US to China and Japan.

More on This Story

From other news sites

* May require registration or subscription

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

  • The OfficeIn pictures

    Fifty landmark shows from 50 years of BBC Two


  • French luxury Tea House, Mariage Freres display of tea pots Tea for tu

    France falls back in love with tea - but don't expect a British cuppa


  • Peter MatthiessenPeter and Paddy

    Remembering two of the greatest travel writers


  • Worcestershire flagFlying the flag

    Preserving the identities of England's counties


  • Female model's bottom in leopard skin trousers as she walks up the catwalkBum deal

    Why budget buttock ops can be bad for your health


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.