ONLINE INVESTMENT PAYS OFF IN STYLE FOR H&M

A BIG investment push at H&M is beginning to bear fruit, with sales on the up.

The fashion retailer posted a 4pc rise in revenue to £4.2bn for the three months to February 28, although profits dipped 17.4pc to £86m.

But the results were better than expected because the Swedish chain cut back on discounting its stock and sold more products at full price.

H&M has more than 4,900 stores around the world and owns brands including Cos, Monki, Weekday, & Other Stories and Cheap Monday.

The group has invested heavily in its online business to compete with internetonly retailers such as Asos.

This year H&M will launch on two of India’s biggest shopping websites and is preparing to sell online to customers in Mexico and Egypt. It plans to open 175 stores this year, but will close 50 across Europe.

Chief executive Karl-Johan Persson said: ‘The rapid transformation of fashion retail continues, and we can see our own transformation work is taking us in the right direction, even if challenges remain.’