H&M Outpaces Projections with Strong December Sales Surge
H&M, a Swedish fast-fashion retailer, reported lower than expected sales for the fourth quarter ending November 30. However, sales improved by 4% in December and January, signaling a stronger start to the new fiscal year. The fourth-quarter sales were 62.19 billion Swedish crowns, slightly below analysts' forecasts.
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Swedish fast-fashion giant H&M has revealed lower than expected sales for the fourth quarter, which concluded on November 30. Despite this, the retailer experienced a notable 4% increase in sales during December and January, suggesting a promising beginning to the new fiscal year.
The company announced its fourth-quarter sales at 62.19 billion Swedish crowns, equating to $5.65 billion, and marking a 3% rise in local currencies. However, this fell below the analysts' projections of 63.48 billion Swedish crowns. The proximity of Black Friday to the quarter's end led to more sales being reported in December, impacting quarterly figures by just under 1%.
With improvements in sales momentum, H&M is gearing up for continued growth as the fiscal year unfolds.
(With inputs from agencies.)
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