US EditionH&M sees summer shopping pick-up after weaker-than-expected quarterly sales
- H&M’s operating profit for the second quarter ending May 31, 2025, declined by 17% to 5.91 billion Swedish kronor.
- The decline followed weaker-than-expected sales, increased costs from a stronger dollar, higher freight, and ongoing competitive pressures from rivals like Inditex and Shein.
- The company closed 153 stores this year and plans 200 more closures in 2025 while opening 80 stores in growth markets to adapt to market conditions.
- CEO Daniel Erver noted that they have observed some rivals raising their prices, and the company is carefully examining this trend to maintain its competitive edge, emphasizing their commitment to product quality and customer experience.
- H&M expects a 3% sales increase in June and sees positive momentum in summer demand despite soft sales earlier, signaling cautious optimism amid uncertain market conditions.
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Clothing chain H&M's shares are surging up by just over 7 percent in early trading. An interim report - in which sales fall but margins end up higher than expected - gets the thumbs up.
·Stockholm, Sweden
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Swedish clothing giant Hennes & Mauritz (H&M) reported weaker-than-expected sales in the second quarter of its fiscal year on Thursday, but pointed to a pick-up in demand at the start of the summer. H&M shares rose 4% after the results.
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