H&M: strong quarterly sales growth, but shares down
(CercleFinance.com) - Hennes & Mauritz reported strong sales growth for the period from 1 June to 31 August, but this performance did not prevent the shares from falling in Stockholm on Monday.
The Swedish budget fashion retailer said net sales in its fiscal third quarter rose 12% to 62.5 billion Swedish kronor. In local currency, net sales increased by 8%.
That figure was boosted by warmly welcomed summer collections and an increased market share, the company said in a statement.
H&M noted that it is on track in its transformation work to meet new demands from customers.
H&M, which is due report its nine-month results on 3 October, did not provide any further details.
H&M shares were down 2.3% at 185.9 Swedish kronor following this sales report, underperforming the STOXX Europe 600 Retail index, which is down 1%.
Note that the shares have risen by over 53% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Swedish budget fashion retailer said net sales in its fiscal third quarter rose 12% to 62.5 billion Swedish kronor. In local currency, net sales increased by 8%.
That figure was boosted by warmly welcomed summer collections and an increased market share, the company said in a statement.
H&M noted that it is on track in its transformation work to meet new demands from customers.
H&M, which is due report its nine-month results on 3 October, did not provide any further details.
H&M shares were down 2.3% at 185.9 Swedish kronor following this sales report, underperforming the STOXX Europe 600 Retail index, which is down 1%.
Note that the shares have risen by over 53% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.