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Meanwhile its biggest rival, Inditex, owner of Zara, has enjoyed a sales surge. The group recorded a 11pc lift in like-for-like sales, while total sales rose by the same amount to reach €10.5bn (£9bn) between the start of February and the end of July. Net profits also grew by 8pc to €1.3bn.

Despite this, H&M plans to launch one or two separate concepts next year. 

It will have opened around 425 new stores by the end of the current financial year, and entered new markets in Puerto Rico, Cyprus and New Zealand.

In 2017 the fashion brand plans to step into four or five new markets, including Colombia, Iceland and Kazakhstan.

“[We have] a positive view of our opportunities for 2017 and going forward, both in terms of sales and profitability,” Mr Persson added.

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