H&M Group, the fast fashion giant that owns Cos, Monki and Weekday, among others, has published details of its third quarter earnings, in which it said that net sales were “flattish” compared to last year.
The group saw an increase of 6 percent to SEK 60,987 million (4,397 million pounds) during the period 1 June to 31 August. However, for Russia, Belarus and Ukraine the increase was 8 percent in SEK.
H&M noted that the amount was provisional, and could deviate slightly from its nine-month report which is due to be published 27 September 2023.
Currently, the company said that its goal of reaching a 10 percent operating margin in 2024 was “going in the right direction”, as profitability and inventory levels were prioritised during the quarter.
In June, H&M had published similar financials for the second quarter of the year, when net sales also rose 6 percent, with portfolio brand sales increasing by 17 percent.
At the time, Helena Helmersson, H&M’s CEO, said in a release that the increase in sales came despite reduced purchasing power and unfavourable weather conditions.