For the three months to 29 February, H&M reported operating profits of SEK 2,077 million, up from just SEK 725,000 last year. Net sales across the group fell to SEK 53,699 million, but there was some improvement between 1 and 25 March, with revenues up 2% in local currencies compared to the same period last year.

Chief executive Daniel Ervér said, “Development continued in the right direction in the first quarter with an improved gross margin and operating profit, lower inventory, and strong cash flow. Our top priority is to continue improving the customer offering, the store experience, and the supply chain in order to increase sales.”