Stockholm, Sweden (BBN)– Swedish fashion giant H&M Group’s third quarter sales including value added tax (VAT) increased by 11 per cent in local currencies compared to the corresponding quarter last year.
The third quarter period was counted from June 1 to August 31, 2015.
Meanwhile, the group’s sales including VAT increased by 1 percent in local currencies in August 2015 compared to the same month last year, a company announcement said on Tuesday.
Sales in August were negatively affected by the unseasonably warm weather in many of the H&M group’s large markets in Europe.
Sales including VAT in the third quarter converted into SEK increased by 18 percent to SEK 53,420* m (45,259). Sales excluding VAT amounted to SEK 46,024* m (38,805), an increase of 19 percent.
The substantial difference between the sales increase in local currencies and in SEK is due to the weakness of the Swedish krona against most sales currencies in the group.
The total number of stores amounted to 3,675 on August 31, 2015 compared to 3,341 on August 31, 2014.
The nine-month report, covering the period December 1, 2014 to August 31 in 2015, will be published on September 24 in 2015.
Percentage sales development for the month of September will be published on October 15 in 2015.
H & M (Hennes & Mauritz) was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm.
H&M’s business idea is to offer fashion and quality at the best price in a sustainable way.
In addition to H&M, the group includes the brands & Other Stories, Cheap Monday, COS, Monki and Weekday as well as H&M Home.
The H&M Group has more than 3,600 stores in 59 markets including franchise markets. In 2014, sales including VAT were SEK 177 billion and the number of employees is more than 132,000.