Clothing retailer H&M has announced its financial results for the first half ended June 22.

Group net sales were up 4% to SEK51.88bn (£4.46bn), while group net profit was SEK8.95bn (£770m). Group net sales for the second quarter jumped 2% to SEK27bn (£2.32bn) and group net profit for the second quarter rocketed 24% to SEK5.21bn (£483m).

The opening of 180 new stores and closure of 14 stores is planned. This year will also see the first store opening in Turkey. For 2011, the retailer plans to enter Croatia, Romania and Morocco.