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HomeMarketH&M's Q2 misses forecast, June gross sales decline By Reuters

H&M's Q2 misses forecast, June gross sales decline By Reuters

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STOCKHOLM (Reuters) -H&M, the world’s second-biggest listed trend retailer, reported on Thursday a smaller-than-expected rise in March-Might working revenue and mentioned June gross sales had been anticipated to fall, making its full-year earnings aim more durable to realize.

Working revenue in March by Might, the Swedish group’s second quarter, was 7.1 billion Swedish crowns ($672.5 million) towards a year-earlier 4.74 billion and a imply forecast in an LSEG ballot of analyst of seven.37 billion.

Gross sales for the month of June 2024 are anticipated to lower by 6% in native currencies in contrast with the identical interval final 12 months, partly attributable to unstable climate in lots of the group’s giant markets, H&M (ST:) mentioned.

Chief Govt Daniel Erver mentioned the group nonetheless believed in its 10% working margin aim for 2024 however that this had change into harder to achieve.

“External factors that influence our purchasing costs and sales revenues, including materials and foreign currency, will have a more negative impact than we expected in the second half of the year,” he mentioned.

“The most important prerequisite for achieving our goal is that sales growth is further strengthened in the second half of the year compared with the second quarter increase,” he added.

The retailer has typically fallen wanting rival and Zara proprietor Inditex (BME:), whereas China-founded fast-fashion group Shein can be increasing quickly in Europe and plans a London inventory market itemizing.

($1 = 10.5564 Swedish crowns)

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