H&M posts week 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.
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.
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