During spring trading H&M saw there “best result for many years” however the fashion retailer warned that volatile weather in June has caused a slump in sales.
In the second quarter to end of March H&M reported a net rise in sales of 3% to £4.5 billion, which helped operating profits to rise to £530 million.
“The unstable weather in many of the H&M group’s large markets at the start of June 2024 had a negative impact on sales, but sales recovered as the weather normalised at the end of the month,” H&M said.
Daniel Erver H&M chief executive said, “We achieved our best results for many years in the second quarter, showing once more the H&M group’s strength and robust financial position, with strong cash flow as well as improved profitability and sales.”
However, he added a cautionary note: “The situation in the world around us remains uncertain and households continue to have high living costs.
“As always, our top priority is to ensure the best value for money in each market.”
