Swedish fashion retailer H&M has reported better than expected quarterly profits following strong demand for its spring collections.
The Stockholm-based retailer reported a 23% rise in pre-tax profits to 7.1bn kronor (£648m) for the three months to May 31. H&M’s sales for the period, its second quarter, surged 15% to 31.7bn kronor (£2.9bn).
H&M chief executive Karl-Johan Persson said: “The spring collections have been well received by our customers as shown by our increased market share in a fashion retail market that continues to be challenging.”
Its spring collections included a collaboration with designer Marni. Shoppers flocked to H&M’s flagship store on Oxford Street when the collection launched on March 8, with queues quickly forming as shoppers tried to get their hands on new range.