H&M 4Q Sales Missed Expectations
December 16 2019 - 2:48AM
Dow Jones News
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.