H&M profit up 24%, expansion on track

New York City Fashion retailer Hennes & Mauritz AB reported Thursday a 24% rise in fiscal second-quarter net profit and signaled confidence about its international expansion plans. Although same-store sales dropped 4% in May, the company said June was off to a good start.

H&M's net profit increased to 5.21 billion Swedish kronor ($669 million) in the three months ended May 31 from 4.19 billion kronor in the year-ago period.

"H&M remains positive towards the future expansion and the company's business opportunities," the company said in a statement.

In the second half of the year, H&M plans to open 180 stores. Most of the stores are planned for Germany, the United States, the United Kingdom, France, China and Italy.