H&M Q3 sales drop by 4 percent in local currencies

Net sales at H & M Hennes & Mauritz AB increased by 3 percent to 57,450 million Swedish krona in the third quarter of 2022, compared with the corresponding period last year.

In local currencies, the company’s net sales decreased by 4 percent. According to the Bloomberg report, analysts expected a drop of 1.4 percent.

H&M said in a release that 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 company plans to publish its nine-month report on September 29, 2022.