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)
Copyright (c) 2023 Dow Jones & Company, Inc.-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?