娱乐英语新闻:Swedish H&M Group's profit up 15 percent in 2010

STOCKHOLM, Jan. 27 (Xinhua) -- The Swedish fashion company H&M Group's profit increased to 25 billion kronor (about 3.9 billion U.S. dollars) in 2010, the company said its yearly report Thursday.

"2010 was a very good year for H&M with a sales increase of 15 percent," Karl-Johan Persson, CEO of the group, said in a statement.

But profits after financial items in the fourth quarter last year amounted only to 7.2 billion kronor (about 1.1 billion U.S. dollars), a decrease of 10 percent compared with the same period of 2009.

Persson cited an increase in raw material prices and the strengthening of the kronor as the reasons for the decrease of profit.

Sales excluding value-added tax (VAT) also increased by 15 percent in the local currencies in the fourth quarter of 2010, amounting to nearly 30 billion kronor (about 4.7 billion U.S. dollars).

"In 2011, we plan to open around 250 stores net in new and existing markets. We will open in five new markets. At the same time, we are expanding our online and catalogue sales," said Persson.

So far, H&M Group has opened more than 2,000 stores around the world.