In the second quarter, H&M Group’s net sales rose by 3 per cent to 59,605 million Swedish krona. Net sales rose by 3 per cent in local currency as well. June sales are predicted to drop by 6 per cent in local currency due to the unpredictability of the weather at the beginning of the month in several of the major countries for the H&M group.
“We achieved our best results for many years in the second quarter, showing once more the H&M group’s strength and robust financial position, with strong cash flow as well as improved profitability and sales,” said Daniel Ervér, H&M Group CEO in a statement.
The quarter’s gross profit saw an 11 per cent increase to 33,569 million Swedish krona, or a 56.3 percent gross margin. Operating margin climbed to 11.9 percent, or 7,098 million Swedish krona, as operating profit improved.
The operating profit for the second quarter increased to 7,297 million Swedish krona and the result after tax increased by 52 per cent to 4,995 million Swedish krona.
