PARIS — Sales in local currencies remained relatively flat at fast fashion giant H&M in the second quarter, though the Swedish retailer took a hit on reported sales, which fell 3.3 percent year-on-year due to a strong Swedish kronor.
In the three months to May 31, revenues totaled 54.82 billion kronor, or 4.95 billion euros, down from 56.71 billion kronor, or 5.12 billion euros a year earlier.
The dip came as H&M continued to close underperforming stores, operating about 3 percent fewer than last year as it tried to streamline its retail network and increase full-price sales.
Heading into the third quarter, sales in local currencies are also flat and “expected to be on par” with the same period year-on-year.
Chief executive officer Daniel Ervér said sales during the second quarter were below forecast, but that the company is now focusing on profitability and tightening inventory.
