H&M's Flat Sales Slightly Miss Forecasts
By Dominic Chopping
STOCKHOLM--Sweden's Hennes & Mauritz reported fiscal fourth-quarter sales that were slightly below expectations.
The fashion retailer said Friday that sales for the quarter ended Nov. 30 were flat on the year at 62.63 billion Swedish kronor ($6.11 billion), while net sales in local currencies decreased by 4%.
Analysts polled by FactSet had expected quarterly sales at SEK62.9 billion.
Excluding Russia, Belarus and Ukraine, sales increased by 3% in Swedish kronor, it said.
H&M wound up its operations in Russia and Belarus during the fourth quarter of last year, with remaining stock sold off and the last stores closed on Nov. 30, 2022.
The company said figures are provisional and could deviate slightly when full fourth-quarter earnings are published on Jan. 31.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 15, 2023 02:31 ET (07:31 GMT)
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