H&M Q4 sales rise 8%, returning to pre-pandemic level
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[STOCKHOLM] Sweden's H&M, the world's second-biggest fashion retailer, reported on Wednesday (Dec 15) an increase in September through November sales that was in line with expectations.
Net sales were up 8 per cent year-on-year at 56.8 billion crowns (S$8.5 billion), matching the mean forecast in a Refinitiv poll of analysts.
Measured in local currencies, sales increased 11 per cent.
"Despite continued restrictions and the negative consequences of the pandemic, the H&M group's sales in local currencies were back at the same level as in the fourth quarter of 2019," the company said in a statement.
At the end of the quarter around 115 stores were temporarily closed due to restrictions, against around 100 at the start of the quarter.
REUTERS
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