Swedish fashion powerhouse H&M reported sales up 15 per cent to SEK78.35 billion (£6.19 billion) in the year to November 30, 2007.

Profit after tax for the full year was up 21 per cent to SEK13.59 billion (£1.07 billion). H&M’s sales for the fourth quarter, excluding VAT, rose 17 per cent on last year to SEK22.82 billion (£1.8 billion) and 5 per cent like-for-like.

H&M are also opening a new flagship store on Regent Street in February. The store will be H&M's largest in Europe.

H&M plans to open franchise stores in Egypt, Saudi Arabia, Bahrain and Oman this year and to open shops in Russia next year.

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