Swedish fashion giant H&M salutes its soaraway summer

Fashion chain H&M says demand for summer clothing has driven 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 June 27 were 10 percent 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 regulars reaping the rewards of consumers looking for affordable goods include Primark and JD Sports, which also posted bullish sales in the UK this month.

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

Shares of the fashion company rose 18 percent yesterday, taking the Swedish stock market gains for the year to nearly 50 percent.

Director Helena Helmersson: ‘The summer collections have been well received and the third quarter has started well.

‘The conditions for more growth and profitability continue to develop in a favorable direction.’

In an update also covering the second quarter ended May 31, Helmersson said the brand “increased sales in many markets despite reduced purchasing power and adverse weather conditions compared to last year.”

The retailer’s second-quarter sales rose 6 percent, driven by shoppers’ enthusiasm for a collection with designer label Mugler at H&M — and strong sales from the Cos and Arket brands.

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

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