Stock Groups

H&M Falls Aftter Quarterly Sales Numbers Disappoint -Breaking

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Catherine Reynolds

Investing.com — H&M (ST:) stock fell 2.9% on Wednesday as the market gave a cool reaction to the Swedish fast fashion giant’s sales figures for the three months through November.

The company reported that local currency sales rose 11% over a previous year to reach their pre-pandemic levels despite store closures and sporadic stores closings. It’s down from 14% growth during the third quarter. 

According to the company, 115 stores had been closed by the close of quarter. These were mainly located in Austria and Slovakia, where new restrictions have been imposed recently to prevent the winter surge of Covid-19-related infections. It had closed 100 stores in the southeast Asia region at the beginning of the quarter. 

At the height of the pandemic, over 1,800 of H&M’s stores had been closed due to public health measures, causing a sharp contraction in sales at a group that has always been heavily dependent on its network of physical stores, which accounted for two-thirds of total sales in the first nine months of the year.

 

 

 

 

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