By Ed Frankl
Sweden's Hennes & Mauritz AB said Wednesday that third-quarter sales grew as stores reopened following the easing of restrictions put in place to combat the pandemic.
The fast-fashion retailer said sales were 55.59 billion Swedish kronor ($6.46 billion) in the three months to Aug. 31. That figure is slightly below estimates of SEK57.23 billion, according to a FactSet poll.
Third-quarter sales in local currencies increased 14% compared with the same period in 2020, and ticked up 9% in krona, the company said.
Lockdowns and restrictions have continued to hamper sales development, particularly in Asia, H&M said. It added that as restrictions eased, sales in store have picked up, while online sales have continued to rise.
Excluding Asia and Oceania, sales in local currencies reached pre-pandemic levels, the Stockholm-based company said.
One hundred stores were closed at the end of the quarter, compared with 180 at the beginning of it, H&M said. The open stores still had restrictions, for example on opening hours, customer numbers, and store space, the retailer said.
Final results for the quarter will be published on Sept. 30.
Write to Ed Frankl at firstname.lastname@example.org
(END) Dow Jones Newswires
September 15, 2021 02:40 ET (06:40 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.