H&M bucks retail sector gloom

Swedish budget clothing group Hennes & Mauritz (H&M) yesterday bucked retail sector woes as it reported a rise in profits for the second quarter of the year, beating analyst forecasts. H&M, the world’s third-biggest clothing retailer, posted a 6.4 per cent increase in pre-tax profit to 5.78bn Swedish crowns (£445m) for the three months to end of May. Sales for the period rose 23 per cent to 26.6bn crowns. It added that the recent decline in the value of the dollar had eased downward pressure on margins.