STOCKHOLM, July 15 (Reuters) – Swedish fashion giant Hennes & Mauritz (HMb.ST) pulled clear of a disappointing spring season on Thursday with a jump in June same-store sales, although the figure fell short of expectations.
The global chain, known for its knock-down prices and celebrity guest designers, has caught an upswing in demand from shoppers in its main markets as consumer confidence edges up in the midst of a patchy global recovery.
It said sales at established stores open for more than one financial year rose 9 percent in June from the same month last year, undershooting the 9.6 percent rise seen in a Reuters poll. Same-store sales had fallen in both April and May.
The rise was unsurprising, as H&M had flagged an upbeat figure in its second quarter earnings report last month while warning that currency swings and rising costs could hit its gross margin later this year. [ID:nLDE65M0SR]
Total sales were up 20 percent, compared with a forecast rise of 21 percent in the Reuters poll.
H&M’s June figures compared favourably with rival U.S. chain Gap Inc (GPS.N), which last week reported flat comparable store sales for June, sending its shares down sharply. [ID:nN08223093] (Reporting by Nick Vinocur; Editing by Hans Peters)