H&M has reported sales excluding VAT were up 7% in the fiscal year ended November 30, up to SEK108.5bn (£10.5bn). Profit after financial items soared 13% to SEK25bn (£2.4bn).

For 2011, H&M plans to open about 250 stores, including some in five new markets. The retailer will continue investment in online and catalogue sales where it sees great potential for future growth.