Fashion retailer H&M has said that it is looking into expanding its range with new concepts such as sportswear and beauty products as well as planning to open 400 stores this year.

The news comes as pre-tax profit rose by 7% to 7.80 billion Swedish crowns (£627 million) in the three months to the end of November, missing out on the analysts’ average forecast of SEK7.96 billion.

H&M said that most of the expansion would take place in existing markets although Taiwan, Peru, Macau, South Africa and India will become new H&M markets in 2015.

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