“Well-received summer collections and increased market share confirm that the H&M Group is on the right track with its transformation work,” the company said in a statement.
The news comes after H&M revealed a massive drop in profits in its UK arm in accounts filed at Companies House earlier this month.
H&M reported that UK operating profit for financial year ending November 30, 2018 had plummeted from £38.71 million down to £12.21 million, or a 68.4 per cent year-on-year decline.
H&M’s UK division also saw a 71.2 per cent crash in full-year pre-tax profits to £10.72 million.
H&M Group will release its full-year results on October 3.