High Street

H&M sales jump 11% in Q2 results

Fashion retailer H&M has reported an 11% increase in net sales to 57.4bn in Swedish kroner (£4.8bn) in its Q2 results, compared with the sales rise of 2% seen during the same period last year.

It is the fifth straight quarter of consistent sales growth for the company, but despite the increase, shares in the retailer dropped by 1.8% in early trading yesterday, with H&M saying “hard work and many challenges still remain”.

A statement by H&M read: “The rapid changes in the fashion industry continue and we can see that our own transformation work is taking us in the right direction. As customer satisfaction and sales increase, we have intensified our transformation work even further.”

The retailer will reveal its six month report for 2019 on 27 June.

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