Summer boost in sales at H&M a better fit for investors
H&M's June sales are off to a good start, providing some respite for investors after profits in the first months of the year fell more than expected. Revenues at Europe's second-largest clothing retailer between June 1 to June 17 rose 14pc compared with a year earlier.
If this growth can be maintained for the rest of the month, the company will see its strongest monthly sales gains since September of last year.
The Stockholm-based company's share price rose as much as 2.3pc after yesterday's announcement, which should soothe concerns after profits were hurt by the strength of the Swedish krona, weakening European economies and unseasonably cool spring weather that discourages summer clothes shopping.
The retailer is standing by earlier proposals to add 350 stores this year and reiterated its intention to start selling garments online in the US in August after previous plans were delayed.
The clothing chain signed Beyonce as the face of its 2013 swimwear collection in a high-profile deal, connecting its brand to the pinnacle of American music culture.
Her photographs were released without airbrushing after reports that the singer was angered by attempts to alter her image.