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H&M sales grow during June

Like-for-like sales at H&M grew in June after several months of stagnant figures.

The Swedish fast fashion retailer delivered a 14% rise in total sales as like-for-like revenues rose 3%.

This is an improvement on the sales seen so far this year with H&M reporting no growth in like-for-like sales during May and just a 1% rise in April. The previous three months delivered declines in like-for-like sales.

Over the last year the retailer has continued to grow its store portfolio, with the total number of stores standing at 2,926 on June 30 this year compared with 2.596 on the same date last year.

Last month H&M revealed a 10.8% decline in profits to SEK4.66bn (£464m) in the three months to May 31, as a result of ‘unsatisfactory’ sales.

Revenues for the second quarter dipped 0.1% to SEK31.64bn (£3.1bn), while sales in local currencies increased by 5%. Like-for-likes decreased by 4%.

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