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.

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.