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H&M to take on its rival Inditex after posting 20pc earnings lift
SWEDISH clothing giant Hennes & Mauritz (H&M) yesterday announced a nearly 20 per cent rise in sales in August, beating forecasts after a warm European summer.
The company posted net sales of 38.8bn Swedish krone (£3.3bn) excluding sales tax for June through August, beating a forecast of 37.8bn krone and compared with 32bn krone in the same period last year.
H&M has benefited from a recovering US economy, a stronger online presence and a broader product offering, which includes new brands such as & Other Stories and sales of homeware.
H&M still lags behind Zara-owner Inditex by annual sales, but last month it took its rival on Inditex in its home market with its first Spanish online store.