Swedish fashion giant H&M has reported a rise in full year pre-tax profit for its UK arm after opening further stores across all of its fascias.
The world’s second biggest clothing retailer posted pre-tax profit of £17.8m in the year to November 30 2012, up from £15.7m the previous year. The figures on Companies House showed that sales rose to £777.6m during the period, up from £718.5m in 2011.
The company said the business has performed well “considering the challenging retail environment in 2012”. It added that store sales had increased by 8.5% during the 12 months.
During the year, H&M continued to expand in the UK, opening 18 stores and closing five. The company operated 226 stores in the UK at the end of the period.
In the Companies House documents H&M said: “The directors aim to maintain growth in a challenging retail environment by expanding all brands, and therefore a further 10 stores are planned to open before the end of November 2013.”
In February last year, H&M opened its first Cheap Monday and Monki branded standalone stores in the UK. A year later it launched its first & Other Stories fascia in the world on Regent Street, London.
H&M’s upmarket brand Cos announced earlier this month that it plans to open three new UK stores this year, with shops set to open at The Bentall Centre in Kingston upon Thames, Canary Wharf and Kings Road. Cos already trades from nine stores, six of which are located in London.
During the 12 months, the retailer collaborated with David Beckham to launch a bodywear range, which it said had been “very well received”. A collaboration with French designer Isabel Marant is planned for November 2013.