H&M revealed slowing sales growth in August, blaming “unseasonably warm weather”, but third-quarter sales soared 11%.
- August sales rise 1% due to warm weather in key markets
- Third-quarter sales up 11%
- Store total up to 3,675
The Stockholm-based fashion retailer today reported that its group sales, including VAT, rose 1% in August. It is the group’s weakest performance since a 4% fall in sales in March 2013.
H&M suffered as temperatures in Germany, the retailer’s biggest market, hit record levels in August.
“Sales in August were negatively affected by the unseasonably warm weather in many of the H&M group’s large markets in Europe,” it said in a statement.
However, the group revealed its third-quarter sales, from June 1 to August 31, including VAT climbed 11% in local currencies.
H&M store numbers are up on this time last year, with 3,675 outlets compared with 3,341 in August 2014.
The retailer will report nine-month figures on September 24.