H&M: fourth-quarter sales up 5%
(CercleFinance.com) - Hennes & Mauritz, the world's second-biggest fashion retailer, reported a 5% sales growth in local currencies for its fiscal fourth quarter from 1 September to 30 November.
The Swedish budget fashion retailer said that total net sales rose 9% in the fourth quarter to 61.7 billion Swedish kronor at 5.9 billion euros.
This is less than the 11% growth in net sales reported for the first nine months of the financial year. In local currencies, sales increased by 6% over the period.
H&M said Black Friday fell a week later this year, just before the end of November, meaning that some online sales will not be recognised until December.
H&M is set to report full quarterly results on 30 January 2020.
The share, which is traded on Nasdaq Stockholm, was up 1.7% following the sales report, outperforming the European retail sector, up 1.2%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Swedish budget fashion retailer said that total net sales rose 9% in the fourth quarter to 61.7 billion Swedish kronor at 5.9 billion euros.
This is less than the 11% growth in net sales reported for the first nine months of the financial year. In local currencies, sales increased by 6% over the period.
H&M said Black Friday fell a week later this year, just before the end of November, meaning that some online sales will not be recognised until December.
H&M is set to report full quarterly results on 30 January 2020.
The share, which is traded on Nasdaq Stockholm, was up 1.7% following the sales report, outperforming the European retail sector, up 1.2%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.