June 11 (Bloomberg) -- Hennes & Mauritz AB, Europe’s second-biggest clothing retailer, reported the strongest monthly sales growth since November, exceeding analysts’ estimates.
Revenue in May rose 19 percent from a year earlier at local currency rates, including value-added taxes, the Stockholm-based retailer said in a statement today. That topped the 12 percent average estimate in a survey of analysts by SME Direkt.
H&M said sales were helped by “calendar effects” of as much as 4 percentage points, and advised that this will be reversed in June. The month had one more Saturday than last year and unlike last year didn’t include the Pentecost holiday.
Sales for the second quarter of the financial year totalled 37.8 billion kronor ($5.7 billion), excluding value-added taxes. That topped the 36.8 billion-kronor average estimate.
H&M had 3,285 stores at the end of May, up from 2,908 a year earlier. The Swedish retailer is due to announce second-quarter earnings June 18.
Inditex SA, the world’s largest apparel retailer, reported first-quarter profit that topped analysts’ estimates earlier today and said it plans a stock split.
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