In the first six months, H&M reported net sales up by 9% on a currency-neutral basis to SEK112.49 billion (US$10.36 billion). In local currencies, net sales were up by 1%.

Gross profit for the period was SEK56.22 billion (US$5.18 billion), with a gross margin of 50%. Operating profit for the first half of the year was SEK5.47 billion (US$503.86 million), with an operating margin of 4.9%. The result after tax was SEK3.83 billion (US$352.79 million).

For the second quarter alone, net sales were up by 6% to SEK57.62 billion (US$5.3 billion), flat in local currencies.

Gross profit was SEK30.34 billion (US$2.79 billion) with a gross margin of 52.7%, while operating profit was SEK4.74 billion (US$436.6 million) with an operating margin of 8.2%. The result after tax was SEK3.29 billion (US$303.05 million).

CEO Helena Helmersson said: “We are taking important steps towards our goals. The summer collections have been well received and the third quarter has got off to a good start. The conditions for increased growth as well as profitability continue to develop in a favourable direction.”