STOCKHOLM: Swedish fashion group H&M drew a line under the pandemic on Friday,  reporting a bigger than expected jump in quarterly profit and hiking investment with the aim of doubling sales by 2030.

Shares in the world’s second-biggest clothing retailer leaped 5% in early trade after it said it would double investments in 2022 to around 10 billion Swedish crowns ($1.1 billion) to help achieve its new target.

Spending will focus on areas including technology, the supply chain, renewable energy, and sustainable materials, it said.