Swedish fast-fashion giant H&M increased sales by 21% to SEK 45.9bn (£3.5bn) in the second quarter to May 31, while gross profit increased by 18% to SEK 27.2bn (£2.1bn).
During the period H&M opened its first store in Lima in Peru and launched in eight new online markets – Poland, Portugal, Romania, the Czech Republic, Bulgaria, Slovakia, Hungary and Belgium – which were said to be very well received.
Sales from June 1 to June 23 increased by 14% in local currencies compared to the same period last year and it also opened its first store in Macau this month.
The group, which includes the COS, Monki, Weekday, Cheap Monday, & Other Stories as well as H&M Home fascias, is planning a net addition of around 400 new stores during the financial year 2014/15.
“The strong sales development has continued for all our brands with a sales increase in SEK of 23% excluding VAT during the first half-year,” said chief executive Karl-Johan Persson. “Including VAT, this means that sales in the first half amounted to more than SEK 100bn (£7.7bn).”