H&M Celebrates a Record-Breaking Summer: High Street Fashion Giant Reports 10% Increase in Sales Compared to Last Year
H&M, the popular fashion chain, has experienced a surge in sales during the summer season due to high demand for summer clothing.
The Swedish retail giant, which owns Cos and Monki in addition to H&M, stated that its summer collections have been well-received by shoppers.
Sales between June 1 and 27 have shown a 10% increase compared to the same period last year.
Popular items include coordinating white linen shirts, shorts, and trousers for men, as well as pink and yellow crochet tops for women.
Other well-known retailers, such as Primark and JD Sports, have also seen positive sales figures in the UK as consumers seek affordable goods.
Fashion stakes: H&M, which also owns Cos and Monki, said its summer collections have been ‘well received’ by shoppers
This positive start to H&M’s third quarter follows a slower spring season, attributed to unfavorable weather conditions dissuading customers from purchasing new clothes.
Shares in the fashion company rose by 18% on the Swedish stock market, bringing the year’s total gains to nearly 50%.
Chief Executive Helena Helmersson commented, “The summer collections have been well-received, and the third quarter has started off positively.”
She added, “The conditions for increased growth and profitability are continuing to develop in a favorable direction.”
In the second quarter, which ended on May 31, H&M experienced a 6% increase in sales, driven by successful collaborations with designer label Mugler and strong sales of the Cos and Arket brands.
To compete with rivals like Inditex and Shein, H&M plans to expand its range of third-party brands, similar to UK retailers Marks & Spencer and Next.
Already offering brands such as New Balance and Adidas, H&M aims to further diversify its offerings.
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