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H&M Group Reports Q3 Sales Up 14% in Local Currencies

·1 min read

PARIS – H&M Group’s sales grew 14 percent in local currencies in the three months to Aug. 31, compared with the same period a year ago.

In reported terms, sales increased 9 percent to 55.59 billion Swedish kronor, or $6.47 billion at current exchange.

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The company said the sales numbers echoed a “strong recovery,” with “more full-price sales and good cost control,” although performance varied by market, and gains were still dragged down by temporary closures in some countries.

“Lockdowns and restrictions have continued to hamper development, particularly in Asia,” the company stated. In-store sales have been picking up, however, as restrictions have eased, and online revenues have continued to grow, according to H&M.

With the exception of Asia and Oceania, it said, sales in local currencies were back at pre-pandemic levels.

H&M will reveal more detailed figures for the first nine months of its fiscal year on Sept. 30.