Swedish fashion giant H&M salutes its soaraway summer 

Fashion chain H&M says demand for summer clothes has pushed up sales in recent months.

The Swedish giant, which owns Cos and Monki as well as H&M, said its summer collections have been ‘well received’ by shoppers

The company, the world’s second largest retailer, said sales between June 1 and 27 were 10 per cent higher than a year earlier.

Popular products included matching white linen shirts, shorts and trousers for men and pink and yellow crochet tops for women.

Other High Street stalwarts to reap the rewards of consumers looking for affordable goods include Primark and JD Sports, which have also posted upbeat UK sales this month.

News of a good start to H&M’s third quarter comes after a sluggish spring due to poor weather deterring shoppers from buying new clothes, including in Britain.

Shares surged by 18 per cent in the fashion firm yesterday, taking its gains on the Swedish stock market for the year to almost 50 per cent.

Chief executive Helena Helmersson said: ‘The summer collections have been well received and the third quarter has got off to a good start.

‘The conditions for increased growth as well as profitability continue to develop in a favourable direction.’

In an update that also covered the second quarter ending May 31, Helmersson said that the brand ‘increased sales in many markets despite reduced purchasing power and unfavourable weather conditions compared with last year’.

The retailer’s second-quarter sales were up by 6 per cent, thanks to shoppers’ enthusiasm for a collection with designer label Mugler at H&M – and strong sales in the Cos and Arket brands.

The retailer plans to sell more third-party brands, to compete with rivals such as Inditex and Chinese fast fashion giant Shein.

H&M already sells other brands such as New Balance and Adidas, echoing UK staples Marks & Spencer and Next, which have expanded their range of third-party brands this year.