H&M May sales rise 4%

What does H&M stand for

H&M sales were slower-than-expected in the retailer's second quarter due to a tough start to May in some of its worldwide markets.

Global Swedish fashion group H&M missed its sales forecast after its biggest rival posted an impressive set of financial figures yesterday.

STOCKHOLM, June 15 Swedish fashion retailer H&M reported on Thursday a 4 percent year-on-year rise in local currency sales for the month of May, lagging market expectations.

Inditex has outperformed H&M and other rivals over the past few years on the back of online growth and its flexible fast-fashion model.

Inditex, best-known for its Zara clothing brand, said net sales increased by 14% to €5.569 billion ($6.24 billion) in the three months ending April 30, helping boost its bottom line by 18% to €654 million.

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In May last, local currency sales had increased by 9%.

"Sales improved considerably in the second half of the month".

"The young value fashion market, in which the H&M concept operates, is very hard, as we have seen from recent reports of sales and profit declines at chains in the United Kingdom, such as New Look and Arcadia".

In the company's second quarter, spanning March 1 to May 31, sales excluding value-added tax and translated into Swedish kronor rose to SEK51.38 billion ($5.91 billion), from SEK46.87 billion past year.

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