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June 15, 2023 08.09 | 1 minute reading
Swedish clothing giantHennes & Mauritz AB(OTC:HNNMY) groupreported6% year-over-year growth in second quarter FY23 sales to SEK57.6 billion.
H&M said sales measured in local currency for the March-May quarter were flat.
Sales in the second quarter were affected by unfavorable weather conditions compared to the same period last year in some of the H&M group’s major markets.
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The company says June has started well.
Cold weather over the last few months in Europe has affected demand for summer sales.
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Analysts at Royal Bank of Canada say the Swedish company’s third quarter, which runs from June to August, will be helped by warmer weather, reportsReuters.
Price Action: HNNMY shares closed lower by 0.75% at $2.63 on Wednesday.
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