H&M’s sales including VAT for the full year 2012 rose 11% in local currencies.

Net profit for the full year was up 7% to SEK16.87bn (£1.7bn) compared with SEK15.82bn (£1.59bn) in 2011.

H&M opened 304 new stores worldwide in 2012 and will add 325 more this year, with the fastest rate of expansion in China and the US. New markets this year will include Chile, Serbia, Estonia, Lithuania and, via franchise, Indonesia.