SWEDEN: H&M December sales up 10%
H&M's total sales grew 10% in December
Fashion retail giant H&M Group reported total sales, including VAT, up 10% in local currencies during December.
The Swedish-based company added that, when adjusted for calendar effects, total sales rose by just over 12% on the same period last year.
H&M, which has stopped providing like-for-like sales figures, said it had 3,176 stores at 31 December, compared to 2,809 at the end of 2012.
In a note, Richard Chamberlain of BofA Merrill Lynch Global Research estimated that like-for-like sales were probably flat, adding that the analyst had cut its earnings forecast for H&M by about 2%, partly due to currency considerations.
But he said: “We remain positive on H&M for exposure to an improving German consumer trend, an improved offer, likely gross margin upside, e-commerce catch-up.”
H&M is due to release its full-year report on the 2012/13 financial year on 30 January.
N Brown Group's chief financial officer Dean Moore is to step down from the online and catalogue fashion retailer after 11 years in the role....
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