Sweden-based clothing retailer H&M has delivered Skr173.38bn ($15.70bn) in net sales in the first nine months of the fiscal.

This is an increase of 8% compared with the same period a year ago.

During the period ending 31 August 2023, the company’s gross profit increased to Skr87.23bn, corresponding with a gross margin of 50.3%.

Its selling and administrative expenses reached Skr78.01bn over the three quarters, compared to $75.91bn a year ago.

H&M registered an operating profit of Skr10.20bn during the period, an increase from the previous year’s figure of Skr6.34bn. Its operating margin was 5.9%.

In the third quarter (Q3), the clothing retailer reported net sales of Skr60.89bn, up by 6% compared with the same period in the previous fiscal.

H&M saw its gross profit grow by 10% to Skr31.01bn in Q3, corresponding to a gross margin of 50.9%.

The company’s selling and administrative expenses also fell from Skr27.25bn in the previous year's third quarter to Skr26.27bn in the current fiscal.

Its operating profit for Q3 was Skr4.73bn, corresponding to an operating margin of 7.8%.

H&M CEO Helena Helmersson said: “During the quarter, the focus has been on profitability and inventory efficiency, resulting in strong cash flow and good profit development. We are taking further steps towards our goals and creating good conditions for profitable growth over time.

“Sales in the third quarter started strongly with pent-up demand for summer garments following a cold May in most of our major markets. The effect then gradually decreased during the summer. There was a weaker end to the quarter, with comparative figures affected by the temporary reopening in Russia in August last year.

“Having now moved into September, we can see that the start of the autumn season has been delayed because the month so far has been marked by unusually hot weather in many of our European markets.”

Last month, H&M revealed plans to reopen its stores in Ukraine, more than a year after temporarily closing them.