H&M sales hit by warm weather as shoppers shun autumn collection
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Version 0 of 1. Clothing giant H&M has reported a sharp slowdown in sales as shoppers delayed purchases of winter items following a mild September. Sales for the month at the Swedish giant were up only 7 per cent year-on-year — a sharp decline on last month which saw a 20 per cent rise. September is on track to be the worst month so far this year for the world’s second-biggest fashion retailer. However, third-quarter numbers were strong with sales up 21 per cent to 38.81 billion kronor (£3.3 billion) and net profit 19 per cent higher at 5.29 billion kronor, although this was off the 25 per cent rise in the previous quarter. Despite the slowdown chief executive Karl-Johan Persson said: “We have continued to gain market share thanks to strong sales development for all our brands.” It plans to open 375 new shops this year and is stepping up the roll-out of its websites globally. The Philippines is its next target but plans for India were postponed until next year when it will also open in South Africa, Peru, Taiwan and Macau. Its other brands — & Other Stories, Monki, Weekday, Cheap Monday and H&M Home — are also all being expanded. |