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H&M first-quarter local-currency sales up 4 percent in line with expectations

https://www.oann.com/hm-first-quarter-local-currency-sales-up-4-percent-in-line-with-expectations/
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Mar 15, 2019 3:20 AM 1+ mon ago

The logo of H&M is seen in a display window of a store in Zurich, Switzerland January 7, 2019. Picture taken January 7, 2019. REUTERS/Arnd Wiegmann

Local-currency sales including VAT in the December-February period rose 4 percent from a year earlier, in line with the mean forecast in a Reuters poll of analysts.

H&M, whose main rival is market leader Inditex, said in a statement net sales excluding VAT were up 10 percent to 51.0 billion crowns ($5.49 billion) versus expectations for an 8.0 percent rise to 49.9 billion.

H&M has seen profits shrink and inventories bank up in recent years due to slowing footfall at its core brand's stores in the face of a shift online and mounting competition, as well as difficulties in reacting fast enough to demand swings.

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