H&M Q2 profit beats on U.S. strength; on track to open 275 stores this year

Stockholm, Sweden -- Hennes & Mauritz AB reported Wednesday that profit for the second quarter rose 23% to $750 million, beating Wall Street estimates and marking the strongest profit increase in seven quarters for Europe’s second-largest apparel retailer. H&M had announced on June 15 that sales for the quarter rose 15% to $4.5 billion, beating estimates and boosted by sales strength in the United States. The retailer said it will open seven to 10 stores called “& Other Stories” in 2013 and reiterated its plans to add about 275 stores this fiscal year, with China, the United States and