H&M 3Q Sales Increased 6% on Year, Missing Forecasts
By Dominic Chopping
STOCKHOLM--Sweden's Hennes & Mauritz on Friday reported fiscal third-quarter sales that missed expectations, but said its work toward hitting a 10% operating margin in 2024 is heading in the right direction.
"Profitability and inventory levels have been prioritised in the quarter," it said.
The fashion retailer said sales for the quarter ended Aug. 31 increased by 6% on year to 60.9 billion Swedish kronor ($5.45 billion), while net sales in local currencies were flattish.
Analysts polled by FactSet had expected quarterly sales at SEK63.7 billion.
Excluding Russia, Belarus and Ukraine sales increased by 8% in Swedish kronor, it added.
H&M wound up its operations in Russia and Belarus during the fourth quarter of 2022, with remaining stock sold off and the last stores closed on Nov. 30.
The company said figures are provisional and could deviate slightly when full third-quarter earnings are published on Sep. 27.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 15, 2023 02:30 ET (06:30 GMT)
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