Swedish fast fashion retailer H&M has reported sales for the first quarter to February 28 increased 25% to SEK 40.3bn (£3.2bn) and gross profit increased by 26% to SEK 22.2bn (£1.7bn).
For the period March 1 to March 21, group sales increased 9% in local currencies compared to the same period last year.
The group, which operates H&M and other brands COS, & Other Stores, Monki, Weekday and Cheap Monday, is planning a net addition of 400 new stores this year, with new markets for expansion including Taiwan, Peru, Macau, South Africa and India.
“We have made a very good start to 2015 – in terms of both sales and profits,” said chief executive Karl-Johan Persson. “Our attractive customer offering and strong expansion both through stores and online, as well as our work on continuous improvement, are among the reasons for increased market share gains and good profits.
“Although the strong US dollar will affect our sourcing costs going forward, we will make sure that we always have the best customer offering in each individual market.”