H&M Q3 sales rise 5%

Perfect Sourcing - - International News -

H&M’s Q3 rev­enue growth was damp­ened by a need to of­fer more dis­counts.=the com­pany which also owns the Cos, & Other Sto­ries, Week­day, Monki and Ar­ket brands, said its to­tal sales in the three months to Au­gust 31 rose 5% in­clud­ing VAT. That added up to a to­tal of SEK59.383 bil­lion. Sales with­out VAT were also up 5% to SEK51.229 bil­lion, and in lo­cal cur­ren­cies they rose only 4%. It’s not a strong re­sult for the firm that con­tin­ues to ex­pand and open new stores glob­ally with around 400 planned for this year. The com­pany’s store count was up around 9% year-on-year at the end of Q3, which makes the 5% sales in­crease look rather tepid.

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