H&M's Strategy Shake-up: From Sales Dip to Fashion Hit
H&M, the Swedish fast-fashion retailer, reported weaker-than-expected sales for the fourth quarter, partly due to a late Black Friday. However, sales rose 4% in December and January. CEO Daniel Erver's new strategies, including increased marketing and celebrity endorsements, are showing promising results.
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Swedish fast-fashion retailer H&M has reported a weaker-than-expected fourth-quarter sales report, citing a late Black Friday as a contributing factor. Despite the setback, the company recorded a 4% sales increase in December and January, marking a promising start to the new fiscal year.
H&M's sales for the fourth quarter amounted to 62.19 billion Swedish crowns ($5.65 billion), a 3% increase in local currencies. The results fell short of analysts' forecasts, which predicted sales of 63.48 billion Swedish crowns. The timing of Black Friday, which landed on November 29 last year, resulted in some sales around the event being recorded in December.
CEO Daniel Erver, in his first year of leadership, highlighted the positive impact of increased marketing investments. Initiatives such as improved online sales, attractive product presentations, and collaborations with pop star Charli XCX have contributed to a positive quarterly development. Erver's strategy to revamp the H&M brand is beginning to yield results, with operating profit margins improving to 7.4% from last year's 6.9%.
(With inputs from agencies.)
- READ MORE ON:
- H&M
- fast-fashion
- Black Friday
- sales
- retail
- marketing
- Danny Erver
- Charli XCX
- online sales
- fashion
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