International News - H&M grabs 60 European store opportunities

Swedish fashion giant H&M will open 60 stores this autumn, mainly in Germany, the UK, the US and Spain, bringing the total to approximately 950.

In the six months to May 31, H&M increased sales by 9 per cent to SKr27 billion (£2.04 billion), generating a profits leap of 28 per cent to SKr4.26 billion (£322 million). However, the average selling price fell between 1 per cent and 2 per cent.

Investor relations manager Carl-Henric Enhorning said Poland, the Czech Republic and Portugal had surpassed expectations, and added that second-quarter sales growth had been weaker in some countries because of the cold spring.