H&M reveals third quarter results, with sales rising 9%

By Bruno Reis

The Swedish fashion retailer, H&M, has announced itd results from the third quarter, seeing a rise in profits.

Between June and September, the firm’s sales including VAT rose by 9% compared to the previous year. Sales excluding VAT rose by 4% during the review period.

“The H&M group’s continuous transition, to face the major shift within the industry, has contributed to a gradually improved sales development and increased market share in many markets in the third quarter,” H&M stated.

The second-largest fashion retailer in the world saw its shares increase by as much as 13% following the news – rising the most in 17 years.

SEE ALSO:

“We are in a transition year and see that things are starting to go in the right direction,” Nils Vinge, H&M’s Head of Investor relations, informed Reuters.

“We think H&M has done the right thing in lowering entry point prices and investing in its offer for the long term, but expect this to lead to margin pressure in the short term,” remarked RBC Capital Markets, Reuters reported.

“H&M seems to have come close to stabilizing same-store sales,” commented Charles Allen, Bloomberg Intelligence Analyst.

“If they have managed to reduce inventory, weak margins are likely to be forgiven.”

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy