Swedish clothing giant H&M pointed to increased demand for the start of the summer season, which led to a rise in shares, CNBC reports.
The world’s second-largest clothing retailer reported that sales in June increased 3% in local currencies, following a slow start to the year.
Shares rose 3.85% to 11:55 a.m. London time, with slight reductions from earlier gains.
The company, whose brands also include Cos, Arket, and Weekday, nevertheless noted caution among consumers in the current “uncertain times,” saying that shoppers are “particularly price sensitive.”
H&M considers the US its second-largest single market and is heavily dependent on manufacturing in Asia, particularly China and Bangladesh.