The Swedish fashion giant said net sales increased 18% on a local currency basis during the three months ending February 28. In constant currencies, net sales grew 23% to SEK 49.2bn (£4bn). 

H&M booked an operating profit of SEK 458m (£38m) during the period, compared with a loss of SEK 1.1bn (£93m) in its first quarter the previous year. Gross profit rose 27% to SEK 24.3bn (£2bn), as gross margins climbed 1.7 percentage points year on year to 49%.