Sep 25, 2014 5:23 AM
Swedish H&M eyes further expansion around world
The Associated Press
STOCKHOLM (AP) Swedish fashion retailer Hennes & Mauritz AB says it is to expand its business further over the coming year to build on the popularity of its collections.
CEO Karl-Johan Persson says the company is in a "very intensive investment phase" and plans to open 8 to 10 online markets next year and 375 new stores worldwide.
His comments came as the company reported a near 20 percent increase in third-quarter net profit to 5.3 billion kronor from 4.4 billion kronor in 2013. Sales in the period grew to 38.8 billion kronor ($5.4 billion) from 32 billion kronor a year earlier.
During the past nine months, H&M has opened 209 stores for a total of 3341worldwide, including franchises and outlets under the company's other brands.