High street giant Hennes & Mauritz AB (H&M) has posted a pre-tax profit of SEK1.79 billion for the first quarter, compared with SEK1.69bn in the same period of fiscal 2003.

The Swedish company, one of the world's largest apparel retailers by market capitalisation, also reported an increase in first quarter sales to SEK11.76bn, up from SEK10.8bn in the same period a year earlier.

H&M attributed the results to a weaker US dollar and tight control over sales and administrative costs.

"Price reductions were on a historically low level," the company said in a statement.