H&M sales decline in local currencies
The Sweden-based fashion group advanced that while sales were up by 3% as reported in the third quarter of the current fiscal, year-over-year, they dropped by 4% in local currencies
H&M reported that sales in the third quarter of fiscal 2022, which ended on the 31st of August, amounted to 57.45 billion Swedish Króna (5.38 billion euros), reflecting an increase of 3% as reported, but a drop of 4% in local currencies, on a comparable basis to the same period of last year.
"The third quarter got off to a weak start, in common with the industry in many of the group’s major markets". However, "sales improved sequentially during the quarter, with a better start for the autumn collections than last year", advanced the company in a statement.
The Swedish retailer will publish its full nine-month report on the 29th of September 2022.
Image Credits: about.hm.com
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