Swedish fashion giant H&M (Hennes & Mauritz AB) has announced its quarterly report for the period 1 June 2018 – 31 August 2018. During the quarter sales reached SEK 64,800 million for the retailer as compared to SEK 59,383 million in the corresponding quarter of 2017, marking an increase of 9 percent.
Sales excluding VAT amounted to SEK 55,821 million as against SEK 51,229 million, up by 4 percent.
In the press statement issues, H&M said that the group’s incessant transition, to face the major shift within the industry, has contributed to a progressively enhanced sales in the third quarter. Apparently, we’ll know more on September 27, 2018, when the fashion company would issue its nine-month report for the period up to August 31, 2018, (stay tuned).
It is pertinent to mention here that H&M’s competitor Zara parent Inditex registered weakest six-month sales growth rate in four years due to an strangely warm summer. This made customers to shop for lower-priced tank tops and shorts. Its net sales jumped just 3 percent to € 12.03 billion.