Fast fashion retailer Hennes & Mauritz AB (H&M) has posted a higher second quarter net profit of SEK1.76 billion, up from SEK1.67bn in the same period last year.

The Swedish company, which operates 994 stores worldwide, also posted an increase in sales to SEK15.5bn for the three-month period, up from SEK14.39bn in the prior second quarter.

In a statement, H&M said sales in its newest market Canada had "surpassed expectations".

It added that plans to open about 80 new stores during the rest of the financial year were on track, with the bulk of outlets to be set up in Germany, France the United States and Spain.

During the first fiscal half, H&M opened 57 new stores and closed eight stores.