Overview

• H&M’s operating profit for the quarter fell 16 percent to 5.91 billion Swedish kronor.
• Net sales declined 4.9 percent to 56.71 billion kronor on a reported basis, despite a 1 percent increase in local-currency revenues.
• On a like-for-like basis, sales rose 3 percent despite the closure of about 4 percent of its stores since last May.
• The company expects sales in local currencies to jump 3 percent in June following a negative calendar effect earlier this year.
• H&M is diversifying its supplier base to include markets such as Turkey, Egypt, Jordan, Morocco and Brazil to reduce tariff exposure.