• Full-year profit up 7% to SEK16.4bn
  • Sales up 15% to SEK101.4bn
  • Reports good trading in December and January
The Swedish retailer added 240 more stores to its portfolio

The Swedish retailer added 240 more stores to its portfolio

Clothing retail giant H&M has posted a 7% rise in full-year profit, boosted by revenues from 250 new stores.

The Swedish company said sales in the year to 30 November had risen 15% to SEK101.4bn (US$13.9bn), with group profit up 7% to SEK16.4bn.

Fourth quarter sales were up 6% to SEK28bn, while gross profit increased 13% to SEK18.6bn, and group profit surged up 21% to SEK6.2bn.

H&M said it planned to add a net total of 240 stores in the new fiscal year, after opening about 250 last year - more than originally planned.

Updating with early figures for the new fiscal year, the company said sales in December had risen 15% in local currencies, and had further risen 13% in local currencies in the period of 1-26 January.

Click here for just-style's editorial insight on H&M's full-year results.