Operating profit was 7.1 billion Swedish kronor (US$670 million) in the three months through May, H&M said Thursday. That lagged analysts’ expectations of 7.4 billion kronor. The operating margin was 11.9%, below estimates.

Sales in June probably fell about 6% in local currencies compared to last year, H&M said, blaming bad weather in many of its large markets. Sales recovered as the weather improved at the end of the month, it said. Earlier in June rival Inditex, owner of Zara, said it saw 12% sales growth at the start of its quarter in May.

New CEO Daniel Erver, who took over after Helena Helmersson abruptly stepped down in January, is under pressure to accelerate H&M’s turnaround. The retailer is facing intensifying competition from Zara and upstart challengers like China’s Shein.

The CEO change has so far left Helmersson’s strategy largely intact, including an ambitious target of doubling sales by 2030 from 2021 levels and a goal of reaching a 10% operating margin for this fiscal year. The company said Thursday it’s sticking with that target.