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Sales inch up at H&M

H&M Group has reported a 2% lift in sales for the second quarter of 2018.

The Swedish group, which owns brands including H&M, & Other Stories, Cos, Weekday and Monki, increased sales to 60.4bn SEK (£5.2m), for the period 1 March 2018 to 31 May 2018, compared to the same period last year.

While the brand did not report like for like sales, its store count lifted to 4,801, up from 4,498 the same time last year.

In February the group announced that operating profit plummeted by 62% to 1.2bn SEK (£108m) for the first quarter, ending 28 February 2018, as a result of extreme weather and excess stock. Profit figures for the second quarter are yet to be announced. 

Last week the group announced that H&M was set to alter the UK sizing of its womenswear collections, following criticism from customers claiming sizes fit far smaller than expected. It also launched a new brand, Nyden, in April this year.

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