PARIS — Hennes & Mauritz reported a two percent rise in second quarter sales as the fast fashion retailer pursues a broad restructuring hinged on technological investments and redesigning stores.
Sales for the March-May period totaled 60.46 billion Swedish kronor, or $6.9 billion, flat in terms of local currencies compared to the same quarter last year.
The Swedish company said that its network counted 4,801 stores, 303 more than it had at the same time last year.
Analysts are keeping close tabs on H&M’s turnaround efforts after it fell behind rivals like Zara-owner Inditex in areas like technology. The fast-fashion retailer has redirected resources from expanding its store network to revisiting store formats in a bid to make them more attractive.
H&M is opening two new off-price stores under the banner Afound this month in Sweden. It is also testing a Google Assistant voice application and augmented reality holograms for trying on clothing.
This week, Inditex reported a 2 percent rise in first-quarter sales, an increase that came to 7 percent in local currencies.