H&M posts weak results for fourth quarter start

The Swedish group reported a 1% increase in sales in local currency for the month of September, quite a step down from the 11% posted a year earlier for the same month, but in line with a much weaker fiscal year overall compared to recent years.

Opening of the first H&M store in New Zealand, 1 October – H&M

In late August, the group posted a 5% increase in sales over nine months to 161.7 billion kroner (€ 16.7 billion). The summer quarter brought H&M a 6% increase. But while while sales growth was below 10% only two months last year, so far the group has only been able to push sales above 10% for three months during this fiscal year.

The H&M Group reported for its fiscal year ending November 2015 some 22.7 billion euros in sales, up 19% (11% in local currencies). The company plans to open 425 new stores this year. At the end of July, the network had 4,204 stores compared to 3,733 a year earlier.

Read the full article here.