During the second quarter of 2019 (1 March 2019 to 31 May 2019), global apparel retailer H&M’s net sales increased by 11 per cent and amounted to SEK 57,474 m (SEK 51,984 m in the second quarter of 2018). In local currencies, net sales increased by 6 per cent, which is in line with expectations.
“The rapid changes in the fashion industry continue and we can see that our own transformation work is taking us in the right direction, although hard work and many challenges still remain. As customer satisfaction and sales increase, we have intensified our transformation work even further,” the company said in a statement. The company will declare its half-yearly results on 27th June.
“Sales rose 6 per cent in local currencies in the period, which means growth probably slowed down to 5.5 per cent in April and May, according to Fredrik Ivarsson, an analyst at Kepler Cheuvreux (an independent European financial services company). H&M previously said March sales rose 7 per cent,” reports Bloomberg.
H&M, the world’s second-biggest fashion retailer, is operating in 62 countries with over 4,500 stores. The brand currently has 42 stores in India and will continue to add one store every month. On the other hand, the brand sources its products from more than 200 apparel and accessories manufacturing companies.