Profits have almost tripled at fashion giant H&M.

The retailer, which has stores in Cheltenham and Gloucester, reported profits were up from £51m to £155m in the three months to February 29, as reported by Retail Gazette.

This is despite sales falling 2% to £4bn.

But H&M said performance had started to improve during February and that its spring collections had been 'well received'.

The retailer said it remains focused on improved quality and better prices to strengthen sales, with a target of a 10% operating margin for 2024.