H&M says new collections selling well

Wed Jun 19, 2013 7:00am EDT
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STOCKHOLM (Reuters) - H&M (HMb.ST: Quote), the world's second-largest fashion retailer, reported a sharp rise in sales so far in June, with new collections selling well.

Chief Executive Karl-Johan Persson said that although H&M had entered the third quarter with higher inventories than planned, June promotions had not started earlier than last year and appetite for marked-down clothes was good but more notably, new collections were selling better than expected.

"What's great to see is that it's primarily full-price, the new collections, that sells well," he told Reuters on Wednesday. "That's where we over-achieve. There may of course be pent-up demand from a cold spring, who knows. But it feels good."

(Reporting by Anna Ringstrom; Editing by David Holmes)

The company logo is placed at the flagship store of H&M, Hennes & Mauritz, HMb.ST, the world's second-biggest fashion retailer in Sweden's capital Stockholm May 7, 2013. REUTERS/Arnd Wiegmann