It was worse than expectations of SEK 58.1 billion.
In local currencies, net sales decreased by 4 percent.
“The third quarter started weakly like the industry in many of the company’s major markets. Sales improved sequentially during the quarter and the fall collections have started better than last year,” the company writes in a comment.
The competitor, store chain Zara’s owner Inditex, reported earlier this week a net profit of 1.8 billion euros (equivalent to 19.2 billion kroner) for the first six months of the year, a 41 percent increase compared to 2021 and a “historically high” profit according to the company .