PARIS — Hennes & Mauritz on Wednesday said improved weather conditions in May lifted second-quarter profits and sales, helping make up for tough sales in early spring.
The Swedish fast-fashion giant said second quarter profits after financial items improved 6 percent to 5.43 billion kronor, or $839.3 million, boosted by a 25 percent sales gain in May after adverse weather conditions hamstrung sales in March and April. Sales in the second quarter rose 7.8 percent to 21.61 billion kronor, or $3.34 billion.
The results compare with profits after financial items of 5.13 billion kronor, or $720.5 million, on sales of 20.05 billion kronor, or $2.81 billion. Currency conversions were made at average exchange rates for the respective periods.
"The sales development during the quarter showed the weather sensitivity in the textile business,” H&M said. It added that the turnaround in May “directly coincided with improved weather conditions.”
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