First-quarter sales at Hennes & Mauritz (H&M) were flat in local currencies, the retailer said today (15 March), after warning last month that it expected to take a hit from markdowns due to high inventories.
During the period from 1 December 2017 to 28 February 2018, the Swedish fashion group said sales converted into Swedish krona fell 1.5% to SEK53.55m (US$6.6m) from SEK54.37m in the same period last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Sales excluding VAT amounted to SEK46.18m, a decrease of 1.7% compared to SEK46.99m a year earlier.
The group operated 4,743 stores on 28 February 2018, compared to 4,393 stores at the same time a year ago.
Earlier this year, the fast fashion retailer identified three action areas in the wake of a disappointing full-year and fourth-quarter performance, including further investment in its supply chain and the launch of a discount fashion site called Afound later this year.
Afound will be an off-price marketplace offering products from well-known and popular fashion and lifestyle brands, both external brands and those from the H&M group, says the company. It will be launched in Sweden, with a first store in Stockholm opening in parallel with a digital marketplace in the country.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataH&M to invest in supply chain, launches discount fashion site
