The Swedish fashion retailer’s results indicate a profit before tax of SEK 2bn (£177m) for the third quarter between June 1 and August 31, down 93.7% year-on-year.

Sales for the quarter were down 16% in local currencies, and 19% in SEK compared with last year. 

H&M said its recovery was “better than expected” for the quarter, crediting more full-price sales and greater cost controls.