H&M Group provided the sales update ahead of its nine-month report due on 29 September.
The Swedish retailer said in local currency net sales fell 4%. On a like-for-like basis net sales at H&M Group rose SEK57.4bn (US$5.37m).
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“The third quarter got off to a weak start, in common with the industry in many of the group’s major markets. Sales improved sequentially during the quarter, with a better start for the autumn collections than last year,” the retailer said.
H&M Group has run operations in Russia since 2009.
As part of the winding down process, the intention is to temporarily reopen physical stores for a limited period of time to sell the remaining inventory in Russia. The entire wind-down is expected to lead to costs for the H&M group amounting to a total of about SEK2bn, of which approximately SEK1bn will have a cash flow impact.
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