H&M has beaten market expectations in its first quarter, with profits after tax up 28 per cent to Skr2.94 billion (£244.8 million).

H&M’s figures were helped by store openings, online shopping and the falling dollar. Sales in the three months to the end of February rose 18 per cent to Skr19.74 billion (£1.64 billion).

This financial year, H&M intends to add 190 outlets to its portfolio, including its first stores in Japan and Saudi Arabia. It will also expand its online offer to customers.

Next month, H&M is set to open a new-format store in Camden, north London, under its Divided fascia.

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