As supply chain and inflation costs hit, Swedish high street retailer H&M posted slightly weaker than expected sales in the three months to May 31, citing “flattish” net sales in local currencies.
“High raw materials and freight costs and a strong U.S. dollar had a negative impact on the result compared with the previous year,” the company said in a statement.
“The summer collections have been well received and the third quarter has got off to a good start. The conditions for increased growth as well as profitability continue to develop in a favorable direction,” said chief executive officer Helena Helmersson. The numbers were “slightly below” analysts’ expectations, but showed promise on cost control and better supply side pricing, said RBC Europe Limited analyst Richard Chamberlain.
Gross profit in the second quarter rose to 30.38 million Swedish kronor, or $2.81 million, corresponding to a gross margin of 52.7 percent, while operating profit totaled 4.74 million Swedish kronor, or $438,568 at current exchange.
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