• Q3 net profit up 22% to SEK4.431bn
  • Sales up 12% to SEK32.04bn
  • Comparable store sales rise 2%

A good start by H&M’s new online store in the US helped the fashion retail giant register a 22% surge in third quarter profit, with like-for-like sales rising 2%.

The Swedish company said its first stores in Lithuania and Serbia had also been very well received on their opening in August, adding that total sales were up 8% in the period from 1 to 24 September.

“Our well received summer collections have resulted in strong sales development in the quarter, particularly in Asia but also in a number of European markets,” said CEO Karl-Johan Persson.

“We have also seen the very successful launch of our online store in the US in August and can see that our offering stands up well in the world’s largest online market.”