Business

H&M profits rise on growth in Asia

  • 26 September 2013
  • From the section Business
H&M logo
H&M is continuing with its expansion plans

Fashion retailer Hennes & Mauritz (H&M) has reported rising profits thanks to continued strong growth in Asia.

H&M reported a third quarter net profit of 4.4bn Swedish kronor ($690m; £430m) up 22% on the same quarter in 2012.

Sales were particularly strong in Japan and China, but European markets also saw growth.

H&M opened its online store in the US at the beginning of August and said it had "got off to a very good start".

In China, where H&M opened 22 stores during the quarter, sales jumped 37% compared with the previous year.

In Japan, a small but fast-growing market, sales jumped 46% compared with the previous year.

In its biggest market, Germany, sales rose 8%, and in France, its third biggest, sales were up 13%.

"Our well received summer collections have resulted in strong sales development in the quarter, particularly in Asia but also in a number of European markets," said chief executive Karl-Johan Persson.

H&M plans to open 350 new stores in 2013, with most of the new outlets in the US and China.

Related Internet links

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