H&M Group Q3 Sales Up 5%

H&M Group Q3 Sales Up 5%

The FINANCIAL -- In the third quarter of 2017, i.e. during the period 1 June to 31 August, the H&M group’s sales including VAT increased by 5 percent in SEK compared to the corresponding quarter last year and amounted to SEK 59,383 m (56,802).

Sales excluding VAT amounted to SEK 51,229 m (48,982), an increase of 5 percent. In local currencies the increase was 4 percent, according to the H&M group.

Sales in the quarter were affected by a significantly larger summer sale this year than in the corresponding quarter last year – both in terms of the number of items and the average discount per piece – which had a dampening effect on revenue growth. The summer’s aggressive mark-downs led to an improved inventory position and good conditions for the incoming autumn garments. This helped sales of the autumn collections get off to a good start.

The total number of stores in the group amounted to 4,553 on 31 August 2017 compared to 4,135 on 31 August 2016.