H&M continues double-digit sales growth

Fashion retailer H&M has maintained its run of surging sales by posting its tenth consecutive month of double-digit growth.

Swedish multinational retail-clothing company H&M. Picture: Contributed
Swedish multinational retail-clothing company H&M. Picture: Contributed

The world’s second-largest clothing chain behind Zara owner Inditex said sales in July were 16 per cent ahead of the same month last year, beating the 12 per cent increase pencilled in by analysts.

Headquartered in Sweden, H&M operated from 3,649 stores at the end of last month, having opened more than 300 branches during the past year. The group is due to report its third-quarter results next month.

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Sales at H&M, headed by chief executive Karl-Johan Persson, jumped 14 per cent last year and the retailer has not suffered a decline in takings since March 2013, when revenues dipped by 
4 per cent.

July’s surge in sales of 16 per cent was the highest since August last year, when takings soared 19 per cent.

The group, which opened its first store in Sweden almost 70 years ago and launched in the UK in 1976, last month said it had signed up pop star Katy Perry to star in its Christmas marketing campaign.