H&M reports full year net sales growth
Despite the slowdown recorded in the fourth quarter of fiscal 2023, the Sweden-based fashion group reported an annual net sales increase of 6%, as compared to the previous year
According to its latest sales development, H&M’s net sales for the year ended on the 30th of November amounted to 236.0 billion Swedish króna (21.1 billion euros), up by 6% on a comparable basis to fiscal 2022. Excluding Russia and Belarus, sales grew by 8% in Swedish króna and 1% in local currencies.
However, compared to the third quarter, net sales continued to slow down in the fourth one. Between the 1st of September and the 30th of November, the group’s net sales totalled 62.6 billion Swedish króna (5.6 billion euros), remaining stable, as compared to the same period of last fiscal year; in local currencies, net sales declined by 4% year-over-year.
These figures are preliminary, as H&M is scheduled to release its full year report on the 30th of November.
1 Swedish króna = 0.089 euros
Image Credits: about.hm.com
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