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Stockholm, Sweden -- Hennes & Mauritz AB reported Wednesday that profit for the second quarter rose 23% to $750 million, beating Wall Street estimates and marking the strongest profit increase in seven quarters for Europe’s second-largest apparel retailer.
H&M had announced on June 15 that sales for the quarter rose 15% to $4.5 billion, beating estimates and boosted by sales strength in the United States.
The retailer said it will open seven to 10 stores called “& Other Stories” in 2013 and reiterated its plans to add about 275 stores this fiscal year, with China, the United States and the United Kingdom being the largest areas for expansion.
H&M said it also sees opportunities in Germany, France, and Italy, and will start online sales in the United States in the fall.
H&M stores will open in five new markets this year and the company has signed contracts to open outlets in Estonia, and Indonesia, in 2013.
“Our expansion plan remains intact,” Karl-Johan Persson, CEO, said.