High street fashion retailer H&M has today reported a total sales rise including VAT in local currencies of 13 per cent in June 2012.
This is a vast improvement on April 2012 which saw a dismal one per cent drop in total sales, though falls behind the best performing month in the year so far as profits rose 26 per cent in March compared to two per cent in the same month in 2011.
An increase in its store portfolio in the last year has helped to achieve a strong result despite underlying poor trade on the high street, as like-for-like sales grew three per cent over the period, just shy of leading intelligence agency Reuters’ forecast of five per cent.
LFL’s include sales in store, online and via the retailer’s catalogue and comprise data from units that have been in operation for at least a full financial year.
Karl-Johan Persson, Managing Director of H&M, commented: “The total number of stores amounted to 2,596 on 30 June 2012 versus 2,305 on 30 June 2011.”
Last month, the Swedish fashion chain reported a 12 per cent rise in profits for the first six months of the financial year proving it is faring well despite continuing problems in the Eurozone.