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H&M reports 20% rise in quarterly profits

  • Swedish fashion retailer Hennes and Mauritz (H&M) has reported a 20 percent rise in quarterly profits on the back of "very strong sales" of its spring collection.

    In the three months to May 31, its net profit was $745 million.

    The world's second largest clothing chain also announced it was on track to open a further 275 shops around the world this year, including Bulgaria, Mexico, Latvia, Malaysia and Thailand.

    H&M currently has 2,575 global outlets across 44 countries.