H&M remains bullish despite slow December

Thu, 29 Jan 2009

High street fashion retailer Hennes & Moritz (H&M) has beaten expectations on its annual figures and says it will hire at last 6,000 people for its clothing shops in 2009, maintaining expansion plans after weak Christmas sales.

Net income rose to 5.09 billion kronor ($630 million) in the three months ended November, from 4.65 billion kronor a year earlier, the Stockholm company reported this morning (January 29). Sales in the quarter rose 15 percent to 26.3 billion kronor.

H&M, which has a strong presence in the UK high street says its growth prospects remain intact, despite slower December sales, as the company pushes into China and Russia this year. It plans to add 225 outlets this year and introduce a line of home decoration items such as pillows and curtains.

It claimed expansion in Japan exceeded expectations, and it may add as many as 7,000 more stores this year.

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