H&M has shut 135 shops during the past nine months and plans additional closures in the coming quarter.
The company announced on Wednesday that further site shutdowns are expected as part of its cost-reduction strategy.
The majority of closures occurred in Asia, Oceania and Africa, whilst 21 shops ceased trading in Western Europe.
The Swedish fashion retailer flagship H&M brand and its Monki stores were particularly impacted by the closure programme.
The shop reduction forms part of a broader restructuring aimed at enhancing profitability through decreased operational expenses.
The company has not specified exact numbers for future closures but confirmed the programme will continue.
H&M achieved operating profits of £390million for the quarter ending in August, up from £280million during the same period last year.
The results exceeded analysts' expectations and marked a recovery following profit declines in the previous two quarters.
The Swedish company's sales increased by two per cent to £4.51 billion in the latest quarter, even as it operated fewer shops. This performance demonstrates that the cost-cutting measures, including the store closure programme, have successfully improved profitability.
The Swedish company's sales increased by two per cent to £4.51 billion in the latest quarter, even as it operated fewer shops
| GETTYThe retailer's strategy of reducing its physical footprint whilst maintaining revenue growth has proven effective. The company reported that its autumn clothing ranges have received positive customer feedback this quarter.
Chief executive Daniel Erver acknowledged that the company is "taking further steps in the right direction" whilst noting that shoppers remain "cautious" amid broader economic uncertainty. He emphasised the importance of maintaining value for customers during challenging times.
"Through a stronger customer offering, an improved gross margin and good cost control, we have strengthened operating profit compared with the same quarter last year," Mr Erver stated.
Britain's high streets have been decimated by high street store closures | Wiki Commons images/ Mtaylor848He added: "The increase in profit shows that we are on the right track as a result of the progress we have made in our plan."
The CEO stressed that the entire H&M group remains focused on delivering "the best value for money" to customers navigating uncertain economic conditions.
Mr Erver highlighted the company's approach to navigating market challenges: "In an environment of ongoing uncertainty with cautious consumers, all of us within the H&M group are consistently focusing on our customer offering always giving the best value for money."
The company's restructuring efforts reflect a wider trend amongst high street retailers adapting to changing consumer habits and economic pressures
| GETTYHe also emphasised the retailer's broader ambitions beyond immediate financial gains.
"Our strong culture, together with good cost control and flexibility, allows us to continue building a stable foundation for long term, profitable and sustainable growth in an increasingly complex environment, while taking additional important steps towards our ambitious sustainability goals," the CEO explained.
The company's restructuring efforts reflect a wider trend amongst high street retailers adapting to changing consumer habits and economic pressures.
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