Stockholm-based retailer Hennes & Mauritz AB, known to its customers as H&M, reported a 2014 profit increase of 17% in 2014 and says it will open 400 new stores, mainly in the U.S. and China.
As H&M accelerates its plans for new stores, they include adding new markets in South Africa, India, and Peru, the company said.
The fast-fashion retailer has bolstered its e-commerce and added an activewear line and a new beauty care line that will see growth in 2015, the company said.
H&M had a good year, which will fuel its growth plans this year. The strength of the U.S. dollar, though, has put a damper on things by inflating its expenses, and the retailer said that will ding its net profits. Still, the retailer has some nice momentum in the tough area of apparel retail, perhaps attributed in part to teenagers’ shifting preferences for trendy fast-fashion.