STOCKHOLM (dpa-AFX) - Swedish retailer Hennes & Mauritz AB or H&M (HNNMY.PK, HMRZF.PK, HEN.L) reported Thursday that its sales including VAT for the month of May increased 4 percent in local currencies. Converted into SEK, sales increased by 8 percent.
The company noted that sales were affected by tough market conditions in several countries in the first half of the month, while sales improved considerably in the second half of the month.
In the second quarter of 2017, i.e. during period March 1 to May 31, sales including VAT increased 5 percent in local currencies. Converted into SEK, sales including VAT climbed 10 percent to 59.54 billion Swedish kronor from last year's 54.34 billion kronor.
For the quarter, sales excluding VAT amounted to 51.38 billion kronor, an increase of 10 percent from 46.87 billion kronor a year ago.
The company noted that the latest second-quarter amounts are provisional and may deviate slightly from the six-month report, which will be released on June 29.
The total number of stores in the group amounted to 4,498 on May 31, compared to 4,077 stores last year.
Copyright RTT News/dpa-AFX