H&M: Opening More Than 1 New Store for Every Day of 2014
Posted Friday March 28, 2014 3:37 PM GMT
Swedish retail chain H&M announced plans to open 375 shops in 2014 — that’s more than a store each day for the year!
In addition, they are expected to bring their sister brands, & Other Stories and Cos, to the US, as well as expand e-commerce sites to Spain, Italy and China.
While customers can rejoice about the developments, the label fell short of their analysts’ estimates, making a net income rise of only 7.8 percent. CEO Karl-Johan Persson told WWD the slow growth was due to “substantial long-term investment in areas such as IT and online.”
“You don’t get the full scale revenue and profitability in the beginning [when opening a new store or online market]," added Head of Investor Relations Nils Vinge. “Once it’s up and running it’s more normal.”
In the meantime we’ll do what we can to … uhm … support H&M by swiping our credit cards in their name.