H&M: quarterly sales growth beats expectations
(CercleFinance.com) - H&M has reported positive sales growth fors its first quarter, even though its business has been negatively impacted by the outbreak of the COVID-19 virus, particularly in China.
H&M's sales in local currency rose by 5% from 1 December 2019 to 29 February 2020, the fashion retailer said.
Net sales increased by 8% to 54.94 billion Swedish kronor, above the consensus of 54.88 billion Swedish kronor.
As a result of the coronavirus epidemic, H&M group's sales in China fell 24% over the quarter. At its peak, 334 of the group's 518 stores in China were closed in February.
H&M's shares are currently down 8% on the Stockholm Stock Exchange, bringing its year-to-date fall to almost 30%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
H&M's sales in local currency rose by 5% from 1 December 2019 to 29 February 2020, the fashion retailer said.
Net sales increased by 8% to 54.94 billion Swedish kronor, above the consensus of 54.88 billion Swedish kronor.
As a result of the coronavirus epidemic, H&M group's sales in China fell 24% over the quarter. At its peak, 334 of the group's 518 stores in China were closed in February.
H&M's shares are currently down 8% on the Stockholm Stock Exchange, bringing its year-to-date fall to almost 30%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.