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Marni collaboration helps boost H&M profits

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.

 

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