Giant Swedish fashion retailer Hennes & Mauritz (H&M) yesterday reported a 26 per cent surge in operating profits in its second quarter to over 7.6bn Swedish krona (£673m).
The company said sales rose 20 per cent to more than 37bn krona, excluding VAT, during the second quarter compared to a year earlier.
The positive sales and profits figures came as H&M, which is the second largest fashion retailer in the world behind Zara owner Inditex, also announced a good start to June sales.
H&M chief executive Karl-Johan Persson, said the good results showed that “all our brands” had “enjoyed good sales development during the second quarter”, with “long-term investments starting to generate revenues”.
H&M is planning to open 375 new stores this year and expand its website presence in eight to ten countries.