H&M takes over the high street

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Daily Mail City Finance

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Flying high: HM now has 3,192 shops across 53 countries

Budget fashion chain HM opened more than one store a day during the past year as its High Street business boomed.

The Swedish giant now has 3,192 shops across 53 countries, compared with 2,818 a year ago, with a similar amount of ribbon-cutting expected this year.

Sales during February disappointed, growing by 11 per cent rather than the expected 14 per cent.

During the first quarter, sales – including those from new stores but not including VAT – rose by 13 per cent to £3billion.

The group has benefited from the global slowdown as more consumers look for bargains in places such as Europe, which still accounts for the majority of HM’s business.

It has also pushed into emerging markets, although analysts say it has fallen behind rival Inditex, which owns Zara.

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H&M takes over the high street