Clothing retailer is boosted by easing of trading restrictions
H&M has posted a better-than-expected performance for the second quarter after benefiting from a softening of store trading restrictions.
Net sales at the firm rose by 17 per cent year-on-year, or 12 per cent when measured in local currencies, to 54.5billion Swedish crowns (£4.36billion) between 1 March and the end of May.
This was still below pre-pandemic volumes, yet analysts polled by data provider Refinitiv had predicted total revenues of £4.32billion.
The Stockholm-based company, which is the world's second-biggest clothing seller, is set to fully publish results for the period in a fortnight as part of its interim report when it is expected to reveal a strong rebound in trade.
For much of last two year, the group's outlets were forced to temporarily shut or subject to limits on opening hours and customer numbers by government rules brought in to stem the spread of Covid-19.
Clothing firms were heavily damaged in the early stages of the pandemic as store closures, combined with event cancellations, and the working from home trend led consumers to either save more money or spend it on alternatives.
https://www.thisismoney.co.uk/money/markets/article-10919213/H-M-surpasses-analysts-forecasts-post-healthy-sales-growth.html