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H&M profits surge

The Swedish giant saw an 11% increase in sales.

WE MUST be looking for a bargain because high street store H&M has seen its profits rise by over 11%.

The Swedish chain had only expected a 1% increase in like-for-like sales but saw sales rise dramatically in July. The retailer is the world’s third biggest by turnover.

Total sales for H&M including newly opened stores increased by 21%.  H&M said its total number of stores worldwide was 2,066 in July, from 1,828 a year earlier.

H&M refused to comments but Soren Lontoff Hansen an analyst at Sydband told Reuters that sales improved due to positive consumer sentiment, hot weather and an improvement in key markets such as Germany and Sweden.

In June H&M posted second quarter profits in line with expectations, but the group said a strengthening dollar and higher costs could hurt its gross margin in the months to come.

Sales for H&M in Ireland were €58m in 2009. The company opened their first store in Dundrum in 2005 and has opened 10 more stores across the country.

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About the author:

Daire Hickey

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