H&M to Open 240 New Stores

H&M, the Swedish retail clothing store chain, announced Thursday it plans to open 240 new stores in their new financial year after posting a better-than-expected 21 percent rise in fourth quarter net profits.

Total sales at H&M rose 15 percent in December, over year prior, and same-store sales rose 3 percent.

Unlike many retailers, H&M flourished during the recession, opening 250 new stores, which was more than initially planned. The Wall Street Journal reports that H&M credits the additional openings to new opportunities provided by the economic downturn.

The fashion store is wildly popular in the United States and across the world. It is the world’s third largest fashion store chain by revenue behind U.S.-based Gap and Spain’s Inditex.

Most of the 240 H&M stores planned to open this year will be in the United States, the United Kingdom, China, France, Germany and Italy.

Currently H&M stores in the United States are concentrated mainly along the East Coast, in California and near the Great Lakes. Hopefully the new 240 stores will include locations in new areas of the United States.

Written by Sharalyn Hartwell
HULIQ.com

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