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H&M group's second-quarter sales grow

H&M group’s net sales grew 11% year on year to SEK 57.4bn (£4.8bn) in the two months to 31 May, amid “rapid changes in the fashion industry”. 

Adjusted for local currencies, group sales including VAT were up 6% on the same period the year before. 

H&M said in a statement: “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.”

As part of its ongoing transformation work, the H&M group said further investment in logistics and a reduction in capital expenditure would take place in the year ahead.

It plans a net addition of 175 new stores by the end of 2019. Most of the new stores will open in growth markets, but the amount of H&M stores in Europe is expected to reduce by 50. 

H&M will be launched on Myntra and Jabong, India’s largest ecommerce marketplaces, later this year.

 

 

 

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