Swedish budget fashion chain H&M sees revenue increase by 21 percent, profit up 11 percent

Swedish budget fashion chain Hennes & Mauritz AB says its second-quarter revenue increased by 21 percent to 45.9 billion kronor ($5.6 billion), despite an unusually cold spring in many of its European markets.

The three-month net profit was at 6.5 billion kronor ($788 million), up 11 percent from the same period a year earlier.

CEO Karl-Johan Persson said Thursday the Stockholm-based group continued its expansion. In the spring, H&M opened eight new online markets and still aims to open about 400 new stores by year-end.

H&M is known for its fashionable, low-price collections for mainstream consumers. It has more than 3,600 stores worldwide. Its brands also include higher-priced COS and urban fashion labels such as Monki, Weekday, Cheap Monday and & Other Stories.