(Telestock) – H&Mthe Swedish clothing giant, has announced that the net sales In the third trimester (as of August 31, 2024) amounted to SEK 59,011 million (vs. SEK 60,897 million). In local currencies, net sales remained unchanged compared to the previous year. Theoperating profit amounted to SEK 3,507 million (vs SEK 4,739 million), corresponding to an operating margin of 5.9% (vs SEK 7.8). Analysts, according to LSEG data, had expected an operating profit of SEK 4.93 billion.
The after-tax result amounted to SEK 2,307 million (vs SEK 3,319), corresponding to SEK 1.44 (2.04) per share,
“Despite a difficult start, we are closing the third quarter with sales in line with last year in local currencies and with good cost control,” said the CEO Daniel Erver – We are strengthening the H&M brand by investing in products, the shopping experience and marketing, which we are already seeing starting to have an impact and which will help increase sales and profitability.”
H&M said its Autumn collection has been very well received and that sales for the month of September are expected to increase by 11% in local currency compared to the same period last year.
“External factors have had a greater impact than we expected on our sales revenues and purchasing costs,” the CEO highlighted. “We currently estimate that the This year’s operating margin will be less than 10 percent“.