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H&M’s quarterly sales surged in fiscal Q2

H&M’s quarterly sales surged in fiscal Q2

The world’s second-largest fashion retailer revealed a better-than-expected performance as COVID-19-related restrictions eased

H&M announced earlier today that its net sales grew 62% in the fiscal second quarter compared to year-ago figures, to $5.59 billion. The increase fell short of the 66% growth touted by analysts.

In the year-ago quarter, H&M temporarily closed around 4,000 out of its 5,000 stores because of the pandemic and governmental measures meant to slow it down.

H&M officials: “as more people are vaccinated, a number of markets have gradually allowed stores to reopen, and the H&M group’s strong recovery continues.” H&M representatives added that approx. 180 stores were temporarily closed on June 13, down from 1,300 at the start of March.

H&M is due to publish the full second-quarter earnings report on July 1.

Source: cnbc.com

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