Faced with a lower-than-expected quarterly profit, Swedish retail chain Hennes & Mauritz (HNNMY) is moving to expand its e-commerce presence.
The apparel retailer says that it will begin selling merchandise online in the U.S. this August. A H&M executive noted that the company hopes to launch online stores in several other countries next year, the Wall Street Journal notes.
In addition to online stores, the chain will continue launch new brick and mortar locations. Most of the 350 new stores it plans to open worldwide this year will be in the U.S. and China.
The company said that second fiscal quarter sales were hurt by a lackluster global economy and poor spring weather in major markets.
Second-quarter earnings fell 11% compared to last year, dropping to $732.2 million, disappointing analysts who had forecast a profit of $766.2 million.
Shares of H&M rose almost 1% in over-the-counter trading on Wednesday morning.