H&M sales were slower-than-expected in the retailer’s second quarter due to a tough start to May in some of its international markets.
The world’s second-biggest fashion retailer said overall second quarter sales growth to the end of May was five per cent, missing forecasts and marking the latest in a string of soft sales numbers.
The Swedish giant said the overall sales was impacted by the less-than-expected four per cent growth in May on a constant currency basis, down from growth of seven per cent in April.
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However, H&M was boosted as currency movements flattered its earnings, with total second quarter sales excluding VAT up 10 per cent at £4.6 billion.
“In the first half of the month sales were affected by tough market conditions in several countries,” the retailer said.
“Sales improved considerably in the second half of the month.”
H&M added that it expanded its global store base by 421 in the year to May to 4498.