Sees June sales down 6% in local currencies (Il Sole 24 Ore Radiocor) - Stockholm, 27 Jun - Swedish retailer H&M said that in the second quarter that ran from March 1 to May 31, sales rose 3% in both reported terms and in local currencies reaching 59.605 billion crowns, while gross profit rose to 33.569 billion crowns from 30.338 billion for a margin of 56.3% from 52.7%.

Operating profit increased to 7.098 billion crowns from 4.741 billion for a margin of 11.9% from 8.2% while adjusted for one-time costs related to the cost and efficiency program it grew to 7.297 billion crowns from 4.671 billion for a margin of 12.2% from 8.1%.

Net profit rose 52% to 4.995 billion or 3.11 crowns per share from 2.02 crowns.

In the first half, net sales rose a reported 1% and were flat in local currencies reaching 113.274 billion crowns with a gross margin of 54% from 50%. Net profit rose to 6.196 billion crowns from 3.828 billion.

Sales in the month of June are expected to decrease by 6% in local currencies compared with the same period last year reflecting strong comparative figures from 2023 and unstable weather in many of the H&M group's large markets at the start of the month had a negative impact on sales, but sales recovered as the weather normalised at the end of the month.

A well-composed inventory has also enabled a later start to sale compared with the previous year.

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(RADIOCOR) 27-06-24 08:26:51 (0154) 5 NNNN