The H&M Group, a Swedish multinational clothing retailer, reported Q2 sales with a higher than expected increase.
One of the world’s largest fashion retailers, H&M, had a successful March-to-May quarter, with net sales increasing by a healthy 17 per cent year-on-year, or 12 per cent in local currencies.
For the second quarter, the retailer touched US $5.39 billion, which was higher than the US $5.22 billion as predicted by analysts.
Despite closing about 170 stores in Russia this quarter, the company’s sales increased. The results cover the period from 1 March to 31 May, and the chain ceased operations on 2 March following Ukraine’s invasion. In addition, the company closed nine stores in Ukraine.
Consumption has returned to pre-pandemic levels, demonstrating the strength of the fast-fashion juggernaut, following H&M Group’s 23 per cent growth in the first quarter.
Along with H&M, the fast-fashion company operates Arket, Cos, Monki & Other Stories and Weekday.
