H&M: sanctioned for Q3 results.

(CercleFinance.com) - H&M (Hennes & Mauritz) is tumbling 5.
7% on the Swedish OMX today, sanctioned by traders after the clothes chain reported earnings that are down 20% to 3.8 billion Swedish kronor (about 400 million euros) for its third quarter.

According to the Scandinavian group, this result is mainly due to a high level of impairment booked in its accounts, which is intended to provide the group's autumn clothes ranges with the best possible conditions for the new season.

H&M's gross margin decreased by 2.6 points to 51.4%, with revenues excluding VAT up 5% at 51.2 billion kronor (around 5.3 billion euros). In local currencies, sales increased 4%.


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