Rising temperatures, rising revenue? On Monday, H&M announced that its sales grew 10 percent in May, the same month that it opened its largest store in the world in New York's Herald Square.
The Swedish fast fashion giant's sales also grew 10 percent during the second quarter of the year, which spanned March 1 to May 31. Though that's slightly slower than the 14 to 15 percent boost H&M saw during the previous quarter — and less than the 19 percent sales increase it achieved during the same period last year — you can hardly call it peanuts. From March through May, H&M brought in 45.97 billion Swedish kronor, or roughly $5.6 billion.
Unfortunately, H&M doesn't break out sales figures for stores that have been around a full year, so it's difficult to estimate how much of H&M's continued sales growth can be attributed solely to the aggressive expansion of its store network. (Our guess: most of it.) At this point, H&M owns 3,639 stores around the world — 354 more than it had at this time last year.