High street giant H&M has hailed its "best results for many years" following a spring sales surge, but issued a caution about the impact of unpredictable weather on its June figures. The fashion giant saw a 3% jump in net sales to 59.6 billion Swedish krona (£4.
5billion) in the quarter ending March, propelling operating profits to a robust 7.1 billion Swedish krona (£530million), a significant leap from last year's 4.7 billion Swedish krona (£351million).
For the half-year mark, overall sales nudged up by 1% holding steady in local currencies while earnings climbed by 9% to reach 61.2 billion Swedish krona (£4.57billion).
However, H&M anticipates a 6% fall in sales for June in local currencies compared to the previous year, citing fluctuating weather conditions that have affected sales and the challenge of matching the strong performance from the prior year. "The unstable weather in many of the H&M group's large markets at the start of June 2024 had a negative impact on sales, but sales recovered as the weather normalised at the end of the month," the company explained. These financial updates come as Daniel Erver steps into the chief executive role at H&M, taking over from Helena Helmersson who departed after a four-year tenure marked by declining profitability.
Commenting on the results, Mr Erver said: "We achieved our best results for many years in the second quarter, showing once more the H&M group's strength and robust financial position, with strong cash flow as wel.
