SWEDEN: H&M comparable sales slide 5% in October
Swedish fashion retailer H&M Hennes & Mauritz AB today (15 November) said its comparable sales fell 5% in October, the largest drop since April.
Comparable units comprise the stores and the internet and catalogue sales countries that have been in operation for at least a financial year.
Revenue at local currency rates and including VAT rose 4% compared to October last year, helped by the addition of 305 new stores during the year.
The retailer currently operates 2,715 stores. Its results have fluctuated over the course of the year, with a 16% comparable sales gain in March followed by a 10% drop in April.
Analysts had expected the sales momentum seen in September, when comparable sales increased 6% and total sales surged 15%, to have continued into October.
But Bank of America Merryll Lynch analyst Richard Chamberlain noted: "As quite often happens in apparel seasons, a strong month can be followed by a weaker one."
He said strong sales in September are likely to have carried on into the first week of October, but may have slowed as temperatures were higher than average in many parts of Europe.
But he added: "This result is likely to raise some concerns over the strength of H&M's offer this season and means that further investments in quality/style may be necessary."
Today, many if not most importers and retailers are making an honest effort to make Bangladesh a better place to work for customers, suppliers and workers alike. But recent events such as the collapse...
Outdoor clothing company Patagonia Inc is restructuring its business to focus on its environmental and social focus, including a new $20m investment fund to back start-up companies who share its ethic...
NGOs are increasing pressure on international clothing brands and retailers that source from Bangladesh to sign the Accord on Fire and Building Safety following another fatal incident in a garment fac...
The US State Department, Department of Labor and Office of the US Trade Representative has engaged in talks with US buyers in Bangladesh's garment industry to discuss US Government engagement to impro...
The most read stories on just-style this week include Adidas launching a mobile phone pilot to monitor labour rights at one of its supplier factories, another fatal factory fire in Bangladesh, and uni...
US women's wear retailer Bebe Stores has seen its third-quarter losses widen due to a one-off cost, restructuring expenses, and lower sales. ...
Jo Jenkins has rejoined Marks & Spencer as the retailer's new director of lingerie and beauty....
- DENIM DAYS: Jeans innovation bursting at the seams
- How will TPP emerge from fast-track trade bill?
- Adidas pushing self-governance for suppliers
- Rana Plaza two years on: Challenges and concerns
- 3D printing gears up for fashion industry change
- Under Armour hailed "next global athletic company"
- Myanmar garment workers strike deal
- Orta and Garmon launch denim chemical screening
- China textile and garment firms eyeing Morocco?
- Gap’s woes “not so easy to fix”