H&M's March-May sales lag expectations

Net sales at the world's second-biggest fashion retailer after Zara owner Inditex were up 6% to 57.6bn crowns (€4.96bn)

The unchanged local currency turnover is a slowdown from the previous quarter, as well as from 2022. (AP Photo/Mark Schiefelbein)

Sweden's H&M reported on Thursday unchanged second-quarter sales measured in local currencies, slightly lagging expectations as unusually chilly weather held back demand.

Analysts had on average forecasted a year-on-year rise of 1% after H&M flagged already in late March that cold weather in many key markets was dampening demand for spring and summer styles.