Profits up a third
Swedish fashion retailer H&M has bucked today's gloomy news in the sector by announcing big increases in turnover and profit.

Turnover in the nine months to August 31 increased 14 per cent to SEK43.2 billion (£3.1 billion), while profit rose 33 per cent to SEK9.26 billion (£666 million). The figures came in above analysts' expectations.

The company reported it had managed stock well during the third quarter, meaning it did not have to make major price reductions and improved gross profit.

H&M has been one of the main victims of the Chinese quota crisis, but said the stock which had been impounded is now in the stores. It said that although there will be some impact on the gross margin, this will be short term and limited.

H&M last week fired supermodel Kate Moss as its public face following allegations about drug abuse in the national press.

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