STOCKHOLM, Sweden - Hennes & Mauritz, the world's second biggest fashion retailer, reported second-quarter profits right in line with analyst forecasts and said sales in June had gotten off to a good start.

The Swedish budget fashion retailer posted a pretax profit of 7.6 billion Swedish crowns ($542 million) for March through May, matching the mean analyst forecast in a Reuters poll.

H&M, which had already reported quarterly sales, said June sales were off to a good start after a near 20 percent increase in May. It did not provide further details about its sales development in June.

"We are seeing some of our long-term investments starting to generate revenues such as & Other Stories and our online store in the US and in France," Chief Executive Karl-Johan Persson said in a statement, adding that the company would continue to make long-term investments.