An H&M store in Tokyo.

PARISHennes & Mauritz AB said sales including VAT, converted into Swedish krona, rose 10 percent in the second quarter to 59.5 billion kronor, or $6.7 billion.

In local currencies, sales including VAT rose by 5 percent in the period from March 1 to May 31. Sales excluding VAT amounted to 51.4 billion kronor, or $5.8 billion, an increase of 10 percent. H&M is scheduled to publish full first-half results on June 29.

In May, H&M posted a 4 percent sales increase in local currencies compared with the same month the previous year. This represented a slowdown versus April, when revenues rose 7 percent, and compared with an increase of 9 percent in May 2016.

“In the first half of the month, sales were affected by tough market conditions in several countries. Sales improved considerably in the second half of the month,” the fast-fashion giant said in a statement.

H&M had a total of 4,498 stores worldwide as of May 31, versus 4,077 a year earlier. All dollar rates are calculated at average exchange rates for the period concerned.

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