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Fashion interests: H&M’s sales are up 2% so far in March
Fashion giant H&M says it has seen positive reactions from shoppers to its spring collection as profits rise.
CEO Daniel Erver said the company is “on the right track” as it tries to maintain its market share amid the rapid growth of fast fashion rivals such as China’s Shein.
Net sales fell 2 percent for the quarter to February 29, compared with the same period last year, but are up 2 percent so far in March. It posted a better-than-expected operating profit of £155 million, up from £54 million a year earlier.
Erver: ‘Thanks to the investments made in technology, the supply chain and sustainability, combined with continuous cost control, committed colleagues and a long-term perspective, we see good opportunities for profitable and sustainable growth.’