H&M has reported its results for the fourth quarter and 2011. For the full year, H&M’s sales including VAT increased 8% in local currencies. However, sales in krona were hit by currency translation effects. Net sales reached SEK110bn (£10.4bn) while gross profit amounted to SEK66.15m (£6.2m), corresponding to a gross margin of 60.1%.

The retailer plans to open 275 stores in 2012 including expansion in China, the US and the UK. Bulgaria, Latvia, Malaysia and Thailand will become new H&M markets.