Store openings, online sales boost H&M

Swedish fashion retailer Hennes & Mauritz AB posted a 28 percent rise in first-quarter profits from strong online sales, new stores, and a beneficial exchange rate.

Europe's second-largest clothing
retailer plans to open 54 new stores in the second quarter —
primarily in Britain, the U.S., Spain, Italy and Germany. H&M's
net profit for the three months ended Feb. 29, climbed to 2.9 billion
kronor ($485 million), up from 2.3 billion kronor in the year-ago
period. Sales increased to 23.2 billion kronor ($3.9 billion),
compared with 19.7 billion kronor in the first quarter in 2007. The
company also profited from one more trading day in February.

Analysts have been watching for signs
that the global economic slowdown has cut into retail sales, but
there were few signs of that in H&M's earnings report, and shares
rose about 4 percent in early trading.