PARIS — H&M Group’s sales grew 18 percent in local currencies in the three months to Feb. 28, compared with the same period a year ago.
In reported terms, provisional sales increased 23 percent to 49.17 billion Swedish kronor, or $5.09 billion at current exchange.
The Swedish fast-fashion retailer, which operates Cos, Monki, & Other Stories, Arket and Weekday as well as its core banner, offered no further explanation of the results, and will announce detailed numbers for the three-month period on March 31.
The sales figures represented an acceleration on fourth-quarter sales, which H&M had flagged as a “strong recovery.” Over the past year, H&M’s recovery had lagged behind that of Spanish rival Inditex, which has yet to report numbers for the three months to Jan. 31.
H&M Group is in the midst of a transformation drive that sees it aiming to double its revenues by 2030 while halving its carbon footprint, as reported.