H&M posts uplift in third quarter sales
The Swedish H&M Group has reported that its third quarter sales including VAT increased by 9% year-on-year to 64,800 Swedish kronor.
Sales excluding VAT in the three months to 31 August came in at 55,821 Swedish kronor. In local currencies sales including VAT rose by 4%.
In a statement, H&M said: “The H&M group’s continuous transition, to face the major shift within the industry, has contributed to a gradually improved sales development and increased market share in many markets in the third quarter.”
However, sales and cost development in its US, French, Italian and Belgian markets were impacted by issues arising from the implementation of new logistics systems earlier this year. The new systems were introduced to increase the speed and efficiency of the supply chain and to help with the continued integration of stores and online.
H&M’s portfolio of brands includes H&M, H&M Home, COS, Monki, Cheap Monday, ARKET, & Other Stories and Afound.
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