H&M, the world’s second-largest fashion retailer, reported a stronger-than-expected increase in sales in the three months after the epidemic, joining its major competitor Inditex in announcing a comeback in demand.
Net sales were up 17% year-on-year, or 12% when measured in local currencies, at 54.5 billion crowns ($5.4 billion) in its fiscal second quarter.
H&M shares had fallen 2.5% by 0730 GMT and are now down more than 25% this year.
Inditex reported an 80% jump in quarterly profit last week as post-pandemic demand soared.
This report’s information was first seen on Reuters; to read more, click this link.
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