International News - H&M plans first shop in Portugal

Swedish fashion retailer H&M will open its first store in Portugal in the spring, in Lisbon. More shops will follow in the country later in the year.

The retailer is expanding following success in the past year in France, the US and Spain. H&M is continuing growth in the US with eight new stores and is expanding further in Spain. The retailer is also understood to be looking at Canada and Italy.

In September, the retailer announced pre-tax profits up by 55 per cent to SEK5.22 billion (£362.04 million) for the nine months to August 31.

Turnover rose 15 per cent to SEK37.36 billion (£2.56 billion) for the same period.