Affected by the global financial crisis, Hennes & Mauritz (H & M), the world's third-largest fashion retailer and fast-fashion leader, dropped only 4% in FY09F. However, the sales growth in China was "outstanding" Ranking second in its global market, second only to Japan. H & M announced yesterday's fiscal year 2009 (December 1, 2008 ~ November 30, 2009) performance report shows that the full year sales of 118.697 billion Swedish kronor (1 Swedish kronor or about 0.94 yuan), net of exchange rate factors, Sales increased 4%. Excluding sales and overhead expenses, H & M's operating profit amounted to 21,644 million SEK, representing an increase of 7.5% over the same period of last year. Its operating profit margin dropped to 21.3% from 22.7% of the previous year, with a gross profit margin of 61.6%, basically unchanged from last year. As for the weak performance growth, H & M explained that due to the global financial crisis, consumer spending on goods was tightening. In addition, the rebound in apparel market became one of the major reasons for the limited performance growth. As a major H & M market, H & M's sales in France amounted to 8.455 billion SEK, an increase of 6% over the same period of previous year, however, sales in FYR fell by 5% on a year-on-year basis; H & M sales in the United States decreased year-on-year in US dollars 3%, H & M Spain market sales in local currency terms year-on-year decrease of 2%. Compared with the weak market in Europe and America, H & M's performance in the Chinese market is impressive. In FY09, H & M China recorded sales of SEK 1,614 million, an increase of 83% over the same period of previous year and an increase of 51% in terms of RMB, second only to the Japanese market. During the same period, sales in the Japanese market surged to SEK 1.111 billion from SEK 198 million in FY08, an increase of 461% over the same period of last year and an increase of 324% in Japanese yen. H & M fiscal year in the number of new stores in the world 275, minus the 25 stores closed, the annual net shop 250, of which 14 stores opened in the Chinese market, while fiscal 2008 H & M in the domestic market, only 13, meaning H & M in fiscal year 2009, the number of new stores in the country is double the original number of stores. H & M said that this year will add 240 stores around the world, and China will continue to be the key additional area. But did not say it will open several stores in China. As of the end of November 2009, the company has opened 1988 stores worldwide.