July 17, 2024

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Trend retailer H&M product sales dip 10for each cent in nearby currencies in fourth quarter

Sweden’s H&M, the world’s second-most important style retailer, said on Tuesday internet income fell 10for every cent in neighborhood currencies in the fourth quarter with an accelerating slowdown in direction of the conclude of the September-November time period.

FILE PHOTO:  An H&M logotype is seen at a shop in Stockholm

FILE Picture: An H&M logotype is witnessed at a store, as the spread of the coronavirus condition (COVID-19) carries on, in central Stockholm, Sweden April 2, 2020. TT Information Company/Fredrik Sandberg via REUTERS/File Photograph

STOCKHOLM: Sweden’s H&M, the world’s second-largest trend retailer, claimed on Tuesday that nearby-currency gross sales fell 10for each cent in the September-November quarter as the next wave of the pandemic led to a clean slowdown towards the latter component of the period of time.

The rival of Zara proprietor Inditex claimed a restoration observed in the prior quarter experienced ongoing by way of much of the fiscal fourth quarter but that sales experienced been hit again from the conclude of Oct with COVID-19 after again spreading much more rapidly.

“In between 22 October and 30 November gross sales lowered by 22 percent when compared with the corresponding interval past yr, as the restoration transitioned into a new slowdown as a result of the pandemic’s next wave,” H&M reported in a assertion.

The business stated the neighborhood-forex drop from September 1-October 21 experienced been 3for each cent compared to a year earlier.

H&M reported product sales in the quarter fell to 52.5 billion Swedish crowns (US$6.25 billion) from 61.7 billion a year earlier.

The firm difficulties its whole fourth quarter report on January 29.

(Reporting by Johannes Hellstrom Editing by Simon Johnson and Niklas Pollard)