H & M Group’s third-quarter sales increased 14% year-on-year (YoY), a Swedish fashion retail giant said Wednesday. That said, the numbers are in the local currency, and when converted to Swedish krona (SEK), the increase is only 9%, with total sales of 5.5585 billion SEK (€ 5.4 billion / £ 4.6 billion / $ 6.4 billion). Did.
“The strong recovery continues with more list-priced sales and better cost control,” the company said. However, sales continued to be affected by the ongoing pandemic, “with considerable variability between markets.” Blockades and other restrictions “continued to hinder development, especially in Asia.”
However, as many restrictions have been relaxed, store sales “have increased in many markets while online sales continue to grow.”
This means that for most regions (except Asia and Oceania), sales in local currencies have returned to pre-pandemic levels. However, the news was accompanied by a fall in the group’s stock price in early trading. Perhaps investors expected sales to exceed pre-pandemic levels as rivals. InditexAlso, I was able to announce and report the results on Wednesday.
However, it cannot be denied that H & M is recovering, even though it still faces challenges due to store opening restrictions during the quarter. At the beginning of the third quarter, about 180 stores were temporarily closed. In addition, many open stores have restrictions on business hours, number of people who can enter the store, store space, and so on. At the end of the quarter, most of the Group’s market was still limited, resulting in reduced footfall and about 100 stores temporarily closed.
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H & M Q3 sales increased and returned to 2019 levels
Source link H & M Q3 sales increased and returned to 2019 levels