H&M summer collection sales boost shares.
Byline: JESS CLARK @jclarkjourno
H&M REPORTED that summer collection sales were up, sending shares in the Swedish fashion group soaring more than 14 per cent yesterday.
H&M, which is the world's secondbiggest fashion retailer after Zara owner Inditex, said that sales in June rose 12 per cent, beating analyst expectations. Sales in the second quarter were up 11 per cent.
H&M said it was reducing the number of 2019 store openings from 175 to around 130 as it invests in its online shopping offering.
H&M chief executive Karl-Johan Persson said: "By continuing to integrate our physical and digital channels we are making the shopping experience inspiring, easy and convenient for customers wherever we meet them. This and other extensive investments are driving costs in the short term."