Headlines

H&M Grows Net Profit, Pipeline

Swedish chain raises 2009 target from 225 stores to 240

Published

15 years ago

September 25, 2009

VMSD Staff

After reporting a 4.1 percent increase in fiscal third-quarter net profit yesterday, Karl-Johan Persson, chief executive of Hennes & Mauritz (H&M) said the Swedish fast fashion chain is stepping up expansion plans.

A Wall Street Journal article quoted Persson as saying that, “New interesting city locations keep coming up during the recession. We’re financially strong, so we can take advantage of these opportunities. We feel we can hit the gas pedal.”

Near term, that means raising the bar for 2009 new store openings from 225 to 240. Among H&M’s main targets are the U.S., U.K., Germany France, Spain, China and Japan, the article stated.

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