H&M Group’s sales were up 12 percent in local currencies in the second fiscal quarter, compared with the same period a year ago.
In reported terms, that represents a 17 percent net increase in provisional sales of 54.5 billion in Swedish kronor, or $5.36 billion at current exchange.
The sales growth comes despite closing its stores in Russia this quarter, where it had about 170 stores. The results mark the period March 1 to May 31, and the chain ceased operations there on March 2 following the invasion of Ukraine. The company also shuttered its nine stores in Ukraine.
The fast-fashion company, which also operates Arket, Cos, Monki, & Other Stories and Weekday alongside H&M, will release its full quarterly numbers on June 29 with a press conference hosted by chief executive officer Helena Helmersson, chief financial officer Adam Karlsson and Nils Vinge, head of investor relations.
Demonstrating the strength of the fast-fashion juggernaut, consumption continues to return to pre-pandemic sales levels following H&M Group’s 23 percent growth in the first quarter, though it has raised prices in response to growing supply-chain pressures.
Competitor Inditex, owner of retailers Zara and Pull & Bear, posted a 36 percent increase in global sales in the first quarter of 2022 in results released June 8 showing further strength in the sector.