Business

H&M sees 'strong' spring sales

H&M logo Image copyright AP
Image caption The firm posted a pre-tax profit of 7.6bn Swedish kronor (£670m) in the second quarter

Swedish fashion retailer Hennes & Mauritz (H&M) has said "well-received" spring collections led to a "strong" second quarter.

The firm, one of the world's biggest fashion retailers, posted a pre-tax profit of 7.6bn Swedish kronor (£670m; $1.1bn).

The company added that it had seen a "good start" to its sales in June after an almost 20% increase in May.

From March to the end of May, H&M saw sales excluding VAT of 37.8bn kronor.

It said its first shop in Australia, which opened in April, had a "fantastic reception".

The firm also saw good online sales in France.

"We have had a good second quarter, with a strong increase in both sales and profits and increased market share," said H&M chief executive Karl-Johan Persson.

"All our brands - H&M, COS, & Other Stories, Monki, Weekday, Cheap Monday and H&M Home - enjoyed good sales development during the second quarter.

"We are very pleased that H&M Sport, which we are broadening further, continued to gain market share within the sports segment," he added.

The company plans to extend its range of shoes in the autumn.

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