In a brief statement on Wednesday, Swedish fashion giant H&M revealed sales ahead of expectation in the second quarter of the year.
The group, whose portfolio includes Zara, Massimo Dutti, and Pull & Bear, reported a 12 percent year-over-year increase in net sales in local currencies to 54.5 billion Swedish krona compared to 46.5 billion Swedish krona a year ago.
In reported terms, net sales were up 17 percent.
That increase came despite the retailer pausing its operations in Russia as of March 2 following the country’s invasion of Ukraine.
The brief update comes a week after Spanish rival Inditex posted a surge in sales and net profit in the first quarter of the year.
Inditex, which owns Zara, Massimo Dutti, and Pull & Bear, posted a 36 percent year-on-year increase in sales to 6.7 billion euros, while its net profit increased 80 percent to 760 million dollars.
H&M will publish its full half-year results on June 29.
A look back at H&M’s Q1 results
H&M swung to a profit after tax of 282 million Swedish krona in the first quarter from a loss of 1.4 billion Swedish krona a year earlier. However, the group’s first quarter profit was below expectations.
The group said its Q1 results were impacted by disruptions and delays in its supply chain, as well as a new wave of Covid-19 impacting some of its major markets.
H&M said at the time it would increase prices amid increasing raw material and transportation costs.
The company reported an 18 percent increase in Q1 net sales to 49.2 billion Swedish krona.