Sweden, Stockholm (BBN)– Sweden-based fashion retailer H&M on Monday recorded a 6.0 percent increase sales in August compared to the same month the previous year.
“Sales in comparable units have decreased by 4.0 percent. Comparable units comprise the stores and the online sales countries that have been in operation for at least a financial year. It was primarily the extreme heat wave in a number of European markets in August that affected sales negatively,” the company said in a statement.
In the third quarter of 2012, covering June 1 to August 31 period, sales including VAT increased by 10 percent in local currencies compared to the corresponding quarter last year. Sales in comparable units were unchanged.
The strong appreciation of the Swedish krona primarily against the euro during the third quarter has resulted in large negative currency translation effects.
During the third quarter the strong appreciation of the Swedish krona primarily against the euro has led to large negative currency translation effects.
The total number of stores amounted to 2,629 on August 31 this year versus 2,325 on August 31, 2011.
H & M Hennes & Mauritz AB was founded in Sweden in 1947 and is quoted on NASDAQ OMX Stockholm. The company’s business concept is to offer fashion and quality at the best price.
In addition to H&M, the group includes the brands COS, Monki, Weekday and Cheap Monday as well as H&M Home. The H&M Group has more than 2,600 stores in 45 markets including franchise markets.
BBN/SSR/AD-17Sept12-2:00 pm (BST)
