H&M 3Q sales up 12%

STOCKHOLM, Sweden H & M today reported sales excluding VAT for the first nine months of the financial year were $7 billion, an increase of 14%. In local currencies, the increase was 16% and in comparable stores 5%.

The company reported that profit after financial items for the first nine months was $1.6 billion, an increase of 25%. Group profit after tax was $1 billion, corresponding to $1.36 per share.

H&M reported sales for the third quarter excluding VAT amounted to $2.4 billion, an increase of 12% compared with the previous year. In local currencies, the increase was 14% and in comparable stores 2%.

Profit after financial items for the third quarter was $555 million, an increase of 17%, the company reported.

H&M reported that its autumn collections have been well received and that so far sales in September are making up for a weaker August.