H&M 3Q Sales Rose on Pandemic Recovery, But Fell Short of Expectations
By Ed Frankl
Sweden's Hennes & Mauritz AB said Wednesday that
third-quarter sales grew as stores reopened following the easing of
restrictions put in place to combat the pandemic.
The fast-fashion retailer said sales were 55.59 billion Swedish
kronor ($6.46 billion) in the three months to Aug. 31. That figure
is slightly below estimates of SEK57.23 billion, according to a
Third-quarter sales in local currencies increased 14% compared
with the same period in 2020, and ticked up 9% in krona, the
Lockdowns and restrictions have continued to hamper sales
development, particularly in Asia, H&M said. It added that as
restrictions eased, sales in store have picked up, while online
sales have continued to rise.
Excluding Asia and Oceania, sales in local currencies reached
pre-pandemic levels, the Stockholm-based company said.
One hundred stores were closed at the end of the quarter,
compared with 180 at the beginning of it, H&M said. The open
stores still had restrictions, for example on opening hours,
customer numbers, and store space, the retailer said.
Final results for the quarter will be published on Sept. 30.
Write to Ed Frankl at email@example.com
(END) Dow Jones Newswires
September 15, 2021 02:40 ET (06:40 GMT)
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