H&M posts strong second quarter sales growth
H&M saw its net sales increase by 75% in local currencies in its second quarter compared with the corresponding period last year.
The uplift in the three months to 31 May came despite trade being continuously affected by restrictions relating to the ongoing Covid-19 pandemic. H&M said 1,300 stores were temporarily closed at the start of the period, but this was reduced to 140 by the end of the quarter.
H&M said sales are continuing to make a strong recovery as more people are vaccinated and more stores are allowed to reopen in its markets across the world. The retailer said its online sales have continued to develop “very well” even though more stores have opened.
Sales in the two week period to 13 June increased by 35% in local currencies compared with the same period in 2020 and by 2% compared with the same period in 2019.
