Fashion retailer H&M has reported its first quarter profits has suffered due to the recently poor weather.

Figures show that the retailer’s pre-tax profit was $410 million for the three months to February compared with £580 million for the same time the year before.

Karl-Johan Persson, CEO, said: "Profits in this year's first quarter have been negatively affected by a continued very negative US-dollar effect which made our purchasing much more expensive, as well as by increased markdowns due to larger volumes of winter garments that remained as a result of the warm autumn."

Despite the low figures, the company still intent to expand and plans to open a further 425 net new outlets in this financial year and for the first time move into Cyprus, Puerto Rico and New Zealand.