H&M anticipates 'flattish' sales
The Sweden-based fashion group has released a sales development update for the third quarter of fiscal 2023, ahead of the publication of the nine-month report scheduled for the end of September
For the third quarter of fiscal 2023, which ended on the 31st of August, H&M is expecting its net sales to rise by 6% to 60.90 billion Swedish krona (5.11 million euros), as compared to the same period of last year; in local currencies, “net sales were flattish compared with last year”. Excluding Russia, Belarus and Ukraine, net sales would have increased by 8% year-over-year.
The fashion group added, however, that is on track to achieve an operating margin of 10% in 2024 and that profitability and inventory levels were prioritised during the third quarter.
These figures are provisional. The nine-month report is scheduled to be released on the 27th of September.
1 Swedish krona = 0.084 euros
Image Credits: www.reuters.com
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