Online and catalogue sales to boost fashion retailer this year
Sales at Swedish fashion powerhouse H&M increased by 13 per cent on comparable exchange rates to£4.54 billion in the year December 1 2004 to November 30 2005.
Group profit after tax amounted to£684.7 million and in the fourth quarter turnover increased at comparable exchange rates by 9 per cent to£1.33 billion.
Profit after financial items for the fourth quarter amounted to£318 million, an increase of 6 per cent.
H&M said that for the financial year 2005/2006 it will expand its portfolio by a net 150 stores and the retailer will start franchising operations in the Middle East.
The store group is also preparing a large-scale expansion of its online and catalogue sales. The Netherlands will be the first country for the expansion push in the autumn.
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