H&M has closed 135 stores and is set to shut more

H&M has closed more then 135 stores globally and is set to shut more as cost cutting has boosted profits.

The Swedish clothing retailer said on Wednesday they are expecting to close more stores in the current quarter.

In the quarter to the end of August H&M reported operating profits of £390 million compared to £280 million the previous year.

Boss Daniel Erver said clothing giant is “taking further steps in the right direction,” he highlighted that consumers are “cautious” over the economic uncertainty.

Erver said, “Through a stronger customer offering, an improved gross margin and good cost control, we have strengthened operating profit compared with the same quarter last year.

“The increase in profit shows that we are on the right track as a result of the progress we have made in our plan.

“In an environment of ongoing uncertainty with cautious consumers, all of us within the H&M group are consistently focusing on our customer offering – always giving the best value for money.

“Our strong culture, together with good cost control and flexibility, allows us to continue building a stable foundation for long term, profitable and sustainable growth in an increasingly complex environment, while taking additional important steps towards our ambitious sustainability goals.”