STOCKHOLM (Reuters) -Sweden’s H&M, the world’s second-biggest fashion retailer, reported on Wednesday an increase in September through November sales that was in line with expectations.
Net sales were up 8% year-on-year at 56.8 billion crowns ($6.22 billion), matching the mean forecast in a Refinitiv poll of analysts.
Measured in local currencies, sales increased 11%.
“Despite continued restrictions and the negative consequences of the pandemic, the H&M group’s sales in local currencies were back at the same level as in the fourth quarter of 2019,” the company said in a statement.
At the end of the quarter around 115 stores were temporarily closed due to restrictions, against around 100 at the start of the quarter.
($1 = 9.1339 Swedish crowns)
(Reporting by Anna Ringstrom; editing by Niklas Pollard)
