The Swedish clothing group Hennes & Mauritz AB (H&M) suffered a setback in the second quarter of the 2022/23 financial year. In the months of March to May, sales were 57.6 billion Swedish kronor (4.95 billion euros), said the parent company of brands such as H&M, Cos, Monki, Weekday, & Other Stories and Arket on Thursday.
The revenues thus exceeded the level of the same quarter of the previous year by six percent. In local currencies, they remained almost unchanged. In the first quarter, the group had achieved sales growth of twelve percent (currency-adjusted +3 percent).
Demand in the past quarter was impacted by “unfavorable weather conditions in some of H&M’s major markets compared to the same period last year,” the clothing retailer said. But the start of June was “good”. The group intends to present its full half-year report on June 29th.