Sweden-based fashion retailer H&M has unveiled financial results for the second quarter of this fiscal ended May 31, 2018. During the quarter under review, it reported 2 per cent increase in sales to SEK 60,464 mn as compared to the same period last year.
Sales excluding the VAT reached SEK 51,983 mn (51,383); however, it did not report any change in VAT in local currencies.
As of May 31, 2018, H&M operated a total of 4,801 stores as compared to 4,498 stores in the corresponding period last year. The retailer will publish its six-month report covering the period 1 December 2017 to 31 May 2018 this month, on June 28. By increasing its stores, the fashion retailer has been making its presence globally.
On the other hand its rival Inditex reported increase in net profit to € 668 million in the first quarter of this fiscal. It also reported positive growth in same store sales in all geographies, while H&M, the world’s second-largest fashion retailer struggled to get customers through its doors.
Despite expansion globally, the Swedish clothing retailer tried to reduce a record level of inventory.
The retailer which is working on a new H&M store concept earlier, in 2017, launched a review of its mix of stores and brands and has been expanding its newer brands, while more H&M store closures reported.
