Fashion retailer to expand further in 2004

Hennes & Mauritz (H&M), Europe's largest fashion retailer, have planned to increase the pace of its international expansion in 2004, despite weak sales in the fourth quarter.

The Swedish-based group has pledged to open 140 new stores during the year mainly in the UK, Germany, France, Spain and Poland. The group will also open stores in Canada and Slovenia for the first time.

The plans were announced as H&M reported pre-tax profits for the three months to November 30 of SKr3.27bn (€356m) compared with SKr3.40bn (€370m) in the same period a year earlier. Sales rose just 2%, with sales down in the Nordic region and Germany.

H&M added 113 new stores globally during 2003 and now has a total of 945 stores in 18 countries.

H&M does not have a presence in Ireland, despite its popularity here. However, there is speculation that the retailer is looking for suitable retail space to set up in Belfast, possibly in the new Victoria Square development.