© Reuters. FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar
STOCKHOLM (Reuters) -Sweden’s H&M, the world’s second-biggest fashion retailer, reported on Wednesday an increase in March through May sales that was bigger than expected.
Net sales were up 17% year-on-year, or 12% measured in local currencies, at 54.5 billion Swedish crowns ($5.37 billion), it said in a statement. Analysts polled by Refinitiv had on average forecast sales of 52.8 billion crowns.
H&M, which is due to publish its full quarterly earnings report on June 29, did not comment on the figures.
Its biggest rival Inditex (BME:), the owner of Zara, last week reported an 80% jump in fiscal first-quarter profit on the back of soaring post-panedmic demand for apparel .
($1 = 10.1396 Swedish crowns)
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