Retail in Asia

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H&M sales beat expectations; focus shifts to Asian expansion

Swedish fashion giant Hennes & Mauritz (H&M) has announced its first-half earnings for 2010, reporting a net profit of SEK8.95 million (USD1.22m). With an 11 percent increase in sales in local currencies, H&M is positive about future prospects, deciding to focus on expanding over the next half.

The group plans to open 180 stores in the second half of 2010, many of which will be located in China. A second store will be opened in South Korea in September, with a store that was due to open in Hong Kong in autumn being pushed back until 2011.

(Source: Hennes & Mauritz)