Swedish fashion retailer H&M AB said its third-quarter sales grew nearly 20 per cent as the company grabbed more market share, with plans for further expansion.

Net profit remained flat at 5.30 billion kronor largely because of increased costs caused by a strong dollar, while revenue surged to 46 billion kronor from 38.8 billion a year earlier.

The company said it plans to open some 400 new stores by year-end and that the H&M Beauty section launched successfully in July, expanding to some 700 stores in 28 markets.

H&M CEO, Karl-Johan Persson has said that sales in the quarter were hit by unusually warm weather in August in many large European markets but had picked up and “we are looking forward to an exciting fashion autumn.”