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H&M Q3 sales improve 5 percent

By Prachi Singh

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Business

H&M Group’s sales including VAT in the third quarter of 2017, from June 1 to August 31, 2017, increased by 5 percent in SEK compared to the corresponding quarter last year and amounted to 59,383 million Swedish krona (7,460 million dollars). The company’s sales excluding VAT amounted to 51,229 million Swedish krona (6,436 million dollars), an increase of 5 percent. In local currencies the increase was 4 percent.

The company said in a statement that sales in the quarter were affected by a significantly larger summer sale this year than in the corresponding quarter last year – both in terms of the number of items and the average discount per piece – which had a dampening effect on revenue growth. The summer’s aggressive mark-downs led to an improved inventory position and good conditions for the incoming autumn garments. This helped sales of the autumn collections get off to a good start.

The total number of stores in the group amounted to 4,553 on August 31, 2017 compared to 4,135 on August 31, 2016.

Picture:H&M website

H&M