Sales edge up at H&M in Q2
Global fashion giant H&M has revealed a 2% uplift in sales in the quarter ending 31 May 2018 in provisional figures released ahead of its half-year financial report to be published at the end of this month.
For the period from 1 March 2018 – 31 May 2018 sales amounted to SEK 60,464m, compared to SEK 59,538m for the same period last year. The number of stores in the group was 4,801 as of 31 May 2018 compared to 4,498 stores at the same time the previous year.
H&M's half-year results covering the period from 1 December 2017 – 31 May 2018 will be published on 28 June. The report will be highly anticipated since the group announced a more than 60% slump in profits in Q1, ending 28 February.
At the time the group acknowledged there had been "imbalances" in its product assortment, which along with weak demand and unusually cold weather, had left it will a huge pile of stock to shift at discounted prices.
At the time the group, COS, Weekday, Arket, & Other Stories, Afound, Cheap Monday, Monki and /Nyden brands, said it was working on a number of initiatives to improves its position from improving its product assortment to seamlessly integrating its online and offline services.