H&M reports flat sales in Q1 2018
Global fashion giant H&M says sales in Q1 2018 (1 December 2017 to 28 February 2018) were unchanged in local currencies compared to the same quarter last year.
Converted into SEK (Swedish Krona), sales amounted to SEK53.55bn (SEK54.37bn) while sales excluding VAT amounted to SEK46.18bn (SEK46.99bn), the group said in a preliminary announcement ahead of the publication its full three-month report on 27 March.
The total number of stores in the group amounted to 4,743 on 28 February 2018 compared to 4,393 stores at the same time the previous year.
H&M also revealed that it had today launched its online shop and app in India. "We are extremely proud to launch H&M’s Shop Online in India. We have also introduced the scan and buy feature which aims to seamlessly knit together online and offline shopping. At H&M, fashion never sleeps!” said country manager, Janne Einola
Yesterday rival global group Inditex, parent of Zara and Massimo Dutti, said its sales had increased by 9% during 2017 to €25.34bn, while online sales had rocketed by 41%.
