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H&M sales pick up less than expected in June-Aug

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The company said on Wednesday sales grew 9% from a year earlier, or 14% measured in local currencies, to 55.6 billion crowns ($6.46 billion).

Analysts polled by Refinitiv had on average forecast net sales growth of 14%.

Compared with the same quarter 2019 – before the pandemic – net sales were down 11%, from 62.6 billion crowns. H&M said in a statement sales continued to be affected by the ongoing pandemic, with considerable variation between markets.

“Lockdowns and restrictions have continued to hamper development, particularly in Asia. However, as restrictions have been eased, sales in store have picked up in many markets while online sales have continued to increase,” it said.

H&M, which is due to publish its full fiscal third-quarter earnings report on Sept. 30, said its recovery continued with more full-price sales and good cost control.

($1 = 8.6130 Swedish crowns)

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