Sales at H&M stores rise at steepest rate in three years
Sales at H&M stores worldwide rose by the steepest rate in three years in the third quarter.
“Well-received summer collections and increased market share confirm that the H&M group is on the right track with its transformation work,” the company said in a statement.
Net sales rose by 12 per cent to US$6.48 billion in the three months to August 31, marking the company’s fifth consecutive quarterly increase. Excluding currency fluctuations, sales were up by 8 per cent.
However analysts took a little of the gloss off the figures pointing out that during the comparable period a year ago, the company’s turnover was hit by difficulties implementing a new logistics system in some markets.
Besides its namesake brand, H&M operates Arket, Weekday, Cos, Monki, and & Other Stories.
Full-year results will be released on October 3.
While the global third-quarter result was strong, sales at H&M stores in the UK have plummeted, leading to a 71.2-per-cent crash in full-year pre-tax profits to £10.72 million, according to figures obtained by Retail Gazette.