Swedish fashion chain H&M has had an extremely successful 2014, with an 18 % turnover growth and a 17 % net profit growth. The company aims to keep expanding its product range and availability.
Better than expected
H&M had a 151 billion Swedish krona (16 billion euro) turnover in 2014, which led to a 19.98 billion Swedish krona (2.1 billion euro) net profit, up 17 % compared to the year before. 2014's last fiscal quarter, which ended on 30 November, proved to be a big hit: turnover grew 17 % to 42.6 billion krona (4.6 billion euro) and the 6.2 billion krona (670 million euro) profit was higher than analyst expectations.
"2014 has been a very good year for H&M. Well-received collections for all our brands and continued strong expansion both in stores and online have helped increase our market share and have further strengthened our position in the market", CEO Karl-Joan Persson said. He expects the company to keep the momentum going in 2015 and he has already mentioned excellent results for December and January.
H&M wants to keep its expansion going in 2015: it will open new stores in China and the United States, while it will also enter new markets like Taiwan and South Africa. In total, it wants to open another 400 stores this year. Alongside that, the Swedish company wants to launch a make-up and beauty product collection, called H&M Beauty.