| 22 February 2024, Thursday |

H&M’s March-May sales jump as pandemic restrictions ease

Sales at Sweden’s H&M, the world’s second-biggest fashion retailer, surged in the three months through May as impacts of the pandemic eased.

It said on Monday net sales increased 62 percent in the period, its fiscal second quarter, from a year earlier, or 75 percent measured in local currencies, to $5.59 billion.

Analysts polled by Refinitiv had on average forecast net sales growth of 66 percent.

“As more people are inoculated a number of markets have gradually allowed stores to reopen and the H&M group’s strong rebound continues,” H&M said in a statement.

“Online sales have continued to grow very well, even as the stores have opened. This shows that customers appreciate the collections and being able to shop via their preferred channel.”

H&M said sales in June 1-13 were up 35 percent in local currencies.

  • Reuters