PARIS — Hennes & Mauritz AB said revenues rose 20 percent in the second quarter, reflecting the weakness of the Swedish krona against most sales currencies in the group.
Sales including VAT converted into Swedish krona totaled 53.2 billion kronor, or $6.26 billion, in the period from March 1 to May 31. In local currency terms, sales including VAT rose by 10 percent during the period, with calendar effects shaving 2 percent points off the increase during the quarter, the high-street retailer said.
In May, H&M posted a 10 percent sales increase in local currencies compared with the same month the previous year, in line with the trend seen in March and April. This compared with a 19 percent increase in May 2014. Sales in May were affected by calendar effects of approximately 3 percentage points, it said.
The fast-fashion giant had a total of 3,639 stores worldwide as of May 31, versus 3,285 a year earlier.
All dollar rates are calculated at average exchange rates for the period concerned.