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H&M second quarter sales up 10% despite weak krona

Swedish fast fashion chain H&M’s sales including VAT rose 10% in local currencies between March 1 and May 31.

Converted into Swedish krona, sales including VAT rose 20% to SEK53.2bn (£4.2bn). Excluding VAT they rose 21% to SEK45.9bn (£3.6bn).

In a statement, the company said: “The substantial difference between the sales increase in local currencies and in SEK is due to the weakness of the Swedish krona against most sales currencies in the group.”

Sales in local currencies rose 10% in May.

The company increased its store count by 354 to 3,639 during the period.

@KirstyMcGregor

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