H&M 4Q Sales Missed Expectations

Date : 12/16/2019 @ 7:48AM
Source : Dow Jones News

H&M 4Q Sales Missed Expectations

By Dominic Chopping

 

STOCKHOLM--Swedish fashion retailer Hennes & Mauritz AB (HM-B.SK) said Monday that sales in its fiscal fourth quarter grew 9% on the year, missing expectations.

Sales in the quarter ended Nov. 30 rose to 61.7 billion Swedish kronor ($6.56 billion). A FactSet poll of 15 analysts expected SEK66.06 billion.

The retailer said sales in local currencies increased by 5% year-on-year.

"Sales development for the quarter compared with the previous year was affected by calendar effects, mainly because Black Friday this year fell a week later, i.e. just before the end of the month of November," the company said.

"Therefore some of the big Black Friday online sales will not be recognized until December," H&M said.

The amount in question is expected to be approximately SEK500 million, and adjusted for this amount, sales in the fourth quarter of 2019 increased by 10% and in local currencies by 6% compared with the previous year.

The company's complete fourth-quarter report will be published on Jan. 30.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

December 16, 2019 02:33 ET (07:33 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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