SWEDEN: H&M comparable sales slip 1% in November
Comparable sales slipped 1% in November
Swedish fashion retailer Hennes & Mauritz (H&M) today (17 December) said its comparable sales edged down 1% in November, slowing the 5% decline seen in October.
Comparable units comprise the store, internet and catalogue sales in countries that have been in operation for at least one financial year.
Sales including VAT in local currencies increased 7% compared to the same month last year, helped by the addition of 304 new stores during the year. The retailer now operates 2,776 stores, compared to 2,472 the year before.
During the fourth quarter to 30 November, comparable sales were unchanged. Sales including VAT increased 9% in local currencies to SEK37.93bn (US$5.71bn), compared to the same period last year.
Bank of America Merryll Lynch analyst Richard Chamberlain said H&M appeared to outperform its major markets in November.
"We think H&M's largest market Germany (around 20% of sales) and surrounding markets were again tough with industry data suggesting -5% for the month. Other western European markets were a little better with both France and Sweden -1% year-on-year and the UK small positive."
But a strong Thansgiving weekend in the US did not to compensate for the negative impact of Hurricane Sandy in the first two weeks of the month, Chamberlain added.
He also sees a weaker Euro continuing to drag on H&M's top line in the first-half of its next financial year, while raw material prices and the impact of the $/Euro exchange rate on Asian sourcing costs should become a tailwind during the year.
More than 220 companies have now signed the Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in Dhaka, which killed more than 1,100 people in ...
Closing the loop in the clothing supply chain is continuing to make progress, with more brands beginning to launch products that use recycled fibres. ...
Retailer Marks & Spencer issued a rallying cry for sustainability at its Plan A supplier conference today, where former US vice president and environmental activist Al Gore talked about some of the is...
The Zero Discharge of Hazardous Chemicals (ZDHC) Group has launched version two of its Joint Roadmap, aimed at attaining a "new standard of environmental performance for the global apparel and footwea...
Textile and garment industry workers in Jordan have reached an agreement with two employer associations that should lead to better working conditions....
A double-digit hike in corporate apparel sales and a 4.4% rise in retail revenues helped retailer Men's Wearhouse to post a 23% increase in first quarter net profit....
Canadian department store retailer Hudson's Bay has seen its first-quarter losses narrow to CAD80.7m (US$79.4m) for the 13 weeks to 4 May, boosted by strong sales at its namesake stores growth as well...
H&M Hennes & Mauritz recorded flat comparable sales during May, as macroeconomic challenges and poor weather in many of the company's major markets dampened growth....
- How apparel retailers should react to Brexit
- Britain votes for Brexit – what happens next?
- US fashion firms share their sourcing strategies
- Retailers warned of high volatility in Brexit wake
- Brexit uncertainty over pending EU trade deals
- Under Armour opens manufacturing innovation hub
- Online fabric platform to "revolutionise" buying
- Uniqlo said to be scaling back US expansion
- Better Work Vietnam launches labour law mobile app
- UK must act with urgency to cut Brexit uncertainty
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in Denmark
- Clothing & Footwear Retailing in China – Market Summary & Forecasts