H&M accelerates expansion

According to Swedish TheLocal news network, Swedish cheap fashion company H&M decided on Thursday to increase the number of new chain stores opened in the world in 2009 from the planned 225 to 240, with most of them opening in the United States and Western Europe. As of the end of August, H&M had 1,840 chain stores in 27 countries. From June to August 2009, H&M achieved a net profit of more than 500 million US dollars, and sales revenue reached 3.36 billion US dollars, a year-on-year increase of 13%. Currently, in the field of clothing retail, H&M ranks third in the world. The top two are GAP in the United States and ZARA in Spain.