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H&M Group has revealed a 6% year-on-year rise in revenues to SEK 57.6bn (£4.2bn) for the first 12 weeks ended 31 May, meaning a stall in the fashion retailer’s growth.
This comes as the increase in Q1 is only half of the previous quarter’s revenue growth rate.
According to the retailer’s announcement on 15 March, it had experienced a 12% increase in sales year-on-year to SEK 54.9bn (£4.3bn) in Q1 2023 ended 28 February.
The group has attributed this slowdown in revenue growth to “unfavourable” weather conditions due to a delayed start to spring in northern Europe, which the Swedish group states is its primary market.
However, the business maintains that Q3, which began on 1 June, “has got off to a good start”, and it will reveal a six-month financial report on 29 June.
H&M Group, which owns brands H&M, Weekday, Cos, Monki, And Other Stories, and Arket, reported an 87% year-on-year fall in profits to SEK 821m (£64.5m) in the 12 weeks to 30 November 2022, following its exit from Russia and the group’s cost-cutting measures.
