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Fashion retailer H&M beats sales forecast for September-November, Retail News, Retail ET


Fashion retailer H&M beat sales forecast for September-November

COPENHAGEN: H&M, the second largest company in the world fashion retailerreported on Thursday, a 10% year-over-year increase in net September-November sellslightly exceeded market expectations for a 9.5% gain.

Net sales for September-November for H&M’s fourth fiscal quarter, reached 62.5 billion Swedish kroner ($6.13 billion), up from 56.8 billion a year ago, while retailers Analysts polled by Refinitiv had forecast an average of 62.17 billion kron.

“H&M Group’s operations in Russia and Belarus ended for the quarter, with the remaining inventory sold out and the last stores closed on November 30,” the company said in a statement. An announcement.

“During the quarter, about 25-50 stores in China temporarily closed due to the new Covid outbreak.”

In local currency, sales for the quarter were unchanged.

H&M, has struggled to keep up with its larger rival zaralast month became the first major European retailer to lay off staff in response to the cost of living crisis as it tries to save 2 billion Swedish crowns a year.

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