Fashion Retailer H&M Reports 6% Top-Line Growth In Q2

Swedish clothing giant Hennes & Mauritz AB HNNMY group reported a 6% year-on-year growth in second-quarter FY23 sales to SEK57.6 billion.

H&M said sales measured in local currencies for its March-May quarter were flattish.

Sales in the second quarter were affected by unfavorable weather conditions compared to the corresponding period last year on several of the H&M group's large markets.

The company said June has got off to a good start.

Cold weather for the past few months over Europe has affected demand for summer sales.

Analysts at Royal Bank of Canada said the Swedish company's third quarter, which runs from June to August, would be helped by warmer weather, reported Reuters.

Price Action: HNNMY shares closed lower by 0.75% at $2.63 on Wednesday.