STOCKHOLM (Reuters) – Sweden’s H&M, the world’s second-largest style retailer, reported a larger-than-expected improve in gross sales from March to Could on Wednesday.
Web gross sales rose 17% year-on-year, or 12% measured in native currencies, to 54.5 billion Swedish kronor ($5.37 billion), it mentioned in a press release. Analysts surveyed by Refinitiv on common forecast gross sales of 52.eight billion crowns.
H&M, which is because of publish its full quarterly earnings report on June 29, didn’t touch upon the figures.
Its largest rival, Inditex, the proprietor of Zara, final week reported an 80% rise in fiscal first-quarter revenue as a result of surging demand for garments after the pandemic.
($1 = 10.1396 SEK)
(Reporting by Anna Ringstrom, enhancing by Stine Jacobsen)