H&M, the world's second biggest clothing chain, has seen profits plunge in the three months to February.

Profits at the company fell 61 per cent, with shares falling five per cent to their lowest level since 2008, as reported by the BBC.

H&M has 4,700 stores worldwide. The UK is one of its biggest markets and it has stores in Gloucester and Cheltenham.

The company has blamed the fall in profits on weak sales in the previous quarter and increased stock, which will mean increased discounting in the coming quarter.

Despite the fall in profits, the company is planning to open 220 new stores in 2018 and is confident it will bounce back to healthy sales and profitability.

Meanwhile, 2,000 jobs are under threat at Select, a discount fashion chain aimed at young women.

The company, which has a store in Gloucester, is following in the footsteps of New Look  and other chains in seeking a Company Voluntary Agreement (CVA) that would allow it to slash rents.

Although it says it has no immediate plans to close stores, the CVA will allow landlords to take back loss-making sites.

Select's owner, Genus UK, says it has been hit by the depressed retail market and escalating rent and rate charges.

The two companies are the latest in a long line of struggling high street retailers , hit hard by the rise in online shopping, rising prices of imported goods and rising overheads from the living wage to business rates.

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