Fashion giant H&M said its sales jumped 15 per cent in January from a year ago as it opened new stores at a rate of almost one a day.

The Swedish retailer, which operates 3,511 stores in 55 markets, opened 357 shops during the period.

Last month the firm, which runs 253 UK outlets, posted a 17 per cent rise in annual net profits to 19.98 billion Swedish kronor (£1.6 billion) in the year to November 30 as it broadened its ranges, opened new stores and launched online services.

As well as its core ranges it has collaborated with fashion designers such as Karl Lagerfeld and Stella McCartney as well as working with celebrities including David Beckham, Madonna and Beyonce on collections.