STOCKHOLM---Swedish fashion retailer Hennes & Mauritz AB
(HM-B.SK) Wednesday said sales in the second quarter were hit by
"substantial negative currency effects" due to the strong Swedish
krona as it reports second-quarter sales that are in line with last
year, but slightly below estimates.
MAIN FACTS:
-Sales in the quarter, ending May 31 were hit by "substantial
negative currency effects as a result of the continued
strengthening of the Swedish krona," the company said.
-"To illustrate the impact of the currency translation effects
on sales: the reported sales figure of SEK36,923 million would have
been approximately SEK1.8 billion [$273.6 million] higher using the
same currency rates as in Q2 2012," the company said.
-In May, comparable sales were flat.
-Analysts polled by Dow Jones Newswires had forecast a
like-for-like (comparable) sales increase of 1.4% in May.
-Total sales, including value-added tax in local currencies,
rose 9% in May compared with the same month a year earlier.
-Analysts polled by Dow Jones Newswires had forecast total sales
in May to rise 10.4%.
-For its second fiscal quarter, H&M said sales excluding VAT
fell slightly to SEK31.64 billion from SEK31.66 billion last
year.
-Analysts polled by Dow Jones Newswires had forecast
second-quarter sales, excluding VAT, at SEK31.97 billion.
-Including VAT, sales in the second quarter fell marginally to
SEK36.92 billion from SEK36.94 billion last year.
-H&M had 2,908 stores on May 31, compared with 2,575 stores
at the same time last year.
-H&M reports full fiscal first-quarter earnings on June
19.
-Shares ended Tuesday at SEK224.20.
Write to Jens Hansegard at jens.hansegard@dowjones.com
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