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9/4/2013 11:07:00 AM

Swedish style retailer H & M Local 21, said it will open more stores this year, and more than previously announced figures. However, H & M in the first quarter net profit fell more than analysts had expected. H & M CEO Karl - John Persson said that 2013 will be a challenging year, "in H & Ms many markets, retail sales of style shows features challenging situations. Continue difficult macroeconomic environment and Europe, North America early in the quarter because of bad weather are. "This retailer headquartered in Stockholm, said that as of February 28 for the quarter, its net profit of 2.46 billion francs Sweden grams (approximately co 3.8043 one hundred million U.S. dollars), a net profit of 2.74 billion years ago, which Sweden grams Lang. Analysts had expected a net profit of 2.51 billion of its quarter SEK Lang. H & M said that in 2013 it will open 350 new stores in new, previously planned new store openings 325. Most stores will be opened in China and the United States. H & M also reiterated that it will enter this year, five new markets, Chile, Estonia, Lithuania, Serbia, (through franchising) Indonesia. It extends to the performance of 48 markets worldwide. Australia in 2014 to become H & Ms new markets. H & M first quarter comparable store sales decreased 3%, the profit impact of movements in exchange rates declined. H & M said that this year in March, especially in Europe and North America suffered a rare cold and snowstorms, these factors have delayed the spring shopping season begins. However, in March this year, sales will still slightly stronger than last March. Sales including VAT increased to 33.15 billion, including Sweden grams Lang, compared to SEK 32.5 billion francs. Operating profit fell to 3.13 billion Swedish grams Lang, slightly higher than analysts had expected value of SEK 3.17 billion francs. Gross margin decreased to 55.2%, compared to 55.8 per cent.



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