H&M posted a 52-percent jump in net profit for the second quarter as the world’s second biggest fashion retailer pressed on with efforts to control costs.

Chief executive Daniel Erver said the company had achieved its “best profit and cash flow for many years” in the April-to-June period, with profit after tax reaching five billion Swedish kronor ($473 million).

Sales rose by three percent to 59.6 billion kronor at the world’s second biggest fashion retailer after Zara owner Inditex. Its operating profit rose to seven billion kronor but it was lower than the 7.5 billion kronor expected by analysts surveyed by financial data firm FactSet.

“With a sharp increase in profit for four consecutive quarters, we are well on the way to achieving our long-term goal of profitability exceeding 10 percent over time,” Erver said.

“However, the conditions for achieving that level this year have become more challenging,” he said.