It's a good time to be a fast-fashion retailer — especially if you're Zara parent company Inditex, which saw its market capitalization pass the $100 billion mark earlier this month, or H&M, which released its latest sales results on Monday.
Following months of double-digit growth, H&M saw July sales rise another 16 percent in local currencies compared to the same period last year. The Swedish retailer — which, besides H&M, owns Cos, & Other Stories, Weekday, Monki and Cheap Monday — has been rapidly expanding its store fleet, opening more than a store a day on average since early 2013, but this month's growth outpaced the 9 percent increase in stores year-over-year. H&M's current store count stands at 3,649.
H&M didn't disclose exact sales figures for the month, but the company brought in 45.9 billion kronor (about $5.6 billion) excluding VAT (value-added tax) in the three months ending May 31, with a gross profit margin of 59.4 percent. That's pretty darn good, all around.
The company will release August and third quarter financial figures on Sept. 15.