H&M: sales increase in fourth quarter, shares depressed
(CercleFinance.com) - Budget clothing retailer Hennes & Mauritz posted a significant increase in like-for-like November sales, although this did not ease concerns of decelerating demand in a "rapidly changing fashion industry.
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The Swedish company said on Monday that local-currency sales, including VAT, rose by 6% in the fourth quarter of its fiscal year, i.e. during the period 1 September 2018 to 30 November 2018.
Sales excluding VAT increased by 12% compared to the corresponding quarter last year, H&M said.
For the whole financial year, H&M group's sales including VAT increased by 5%, with sales including VAT up by 3% in local currencies.
"The H&M group continued to grow globally during 2018 in a rapidly changing fashion industry," the group said.
However, these comments did not soothe fears of a market slowdown after the harsh profit warning British online retailer Asos launched this morning.
Shares of H&M are currently down over 6%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
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The Swedish company said on Monday that local-currency sales, including VAT, rose by 6% in the fourth quarter of its fiscal year, i.e. during the period 1 September 2018 to 30 November 2018.
Sales excluding VAT increased by 12% compared to the corresponding quarter last year, H&M said.
For the whole financial year, H&M group's sales including VAT increased by 5%, with sales including VAT up by 3% in local currencies.
"The H&M group continued to grow globally during 2018 in a rapidly changing fashion industry," the group said.
However, these comments did not soothe fears of a market slowdown after the harsh profit warning British online retailer Asos launched this morning.
Shares of H&M are currently down over 6%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.