Profits are all the fashion at H&M as group plans to open 400 new stores

FASHION retailer H&M has more international expansion in store after beating profit forecasts over the first quarter.

CEO Karl-Johan Persson smiles after a news conference AP

CEO Karl-Johan Persson reports the fashion brand's profits

The Swedish group posted profit after tax up 36 per cent to £284million in the three months to February 28 on 9 per cent higher sales but warned about the impact of a strong US dollar on its sourcing costs. 

It makes most of its purchases in the currency while a big chunk of its sales are in euros.

We have made a very good start to 2015. Increased market share gains and good profits are down to strong expansion both through stores and online, as well as our work on continuous improvement

Karl-Johan Persson, Chief executive

H&M plans to open 400 new stores this year and is targeting Peru and Macau having recently moved into Taiwan. 

It is also opening eight new online markets including Portugal, Czech Republic, Hungary, Poland and Belgium. 

Chief executive Karl-Johan Persson said: “We have made a very good start to 2015. Increased market share gains and good profits are down to strong expansion both through stores and online, as well as our work on continuous improvement.”

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