H&M: Opening More Than 1 New Store for Every Day of 2014

Posted Friday March 28, 2014 4:37 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.

Photo Credit: Getty Images

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