STOCKHOLM (Reuters) – H&M, the world’s second-biggest fashion retailer, said on Thursday its June-August net sales rose less than expected.
The Swedish group’s net turnover for the third quarter increased by 3% compared to the previous year to reach 57.5 billion crowns (5.38 billion euros). Analysts polled by Refinitiv on average expected a rise of 5% to 58.6 billion crowns.
“The third quarter got off to a weak start, as did the industry in many of the group’s important markets,” H&M said in a statement.
“Sales improved sequentially during the quarter, with fall collections getting off to a better start than last year.”
Measured in local currencies, sales decreased by 4%.
(Report Marie Mannes and Anna Ringstrom, French version Alizée Degorce, edited by Kate Entringer)
Copyright © 2022 Thomson Reuters