H&M announce profit rise

H&M has reported a rise in sales and profits and sales for the three months to 31 August.

Net profit for the third quarter rose 4.1% to 3.46bn Swedish crowns ($504m; £308m), from 3.33bn crowns last year.

Sales, excluding sales tax, increased by 13% to 23.6bn crowns.

However, the Swedish retailer said more recent sales had been more disappointing. Same-store sales dropped 11% in August from the same period last year.

H&M said it had opened 85 new stores and closed nine during the first nine months of the financial year, excluding stores brought in by its takeover of Fabric Scandinavien last year.

The retailer now has 1,840 stores in total as of 31 August, up from 1,618 at the same point last year.

H&M has about 100 stores in the UK and also operates the COS fashion chain.