Sales at fashion giant H&M edged up in the third quarter but were “flattish” in most local currencies as the cost-of-living crisis and stiff competition made for a tough backdrop.
The retailer posted a 6% increase to 60.9bn Swedish krona (SEK) (£4.38bn) for the three months to 31 August, 2023, compared with the same period last year.
H&M said net sales were “flattish” in local currencies, except for Russia, Belarus and Ukraine, where sales grew 8% in SEK.
The fashion retailer reported that profitability and inventory levels had been prioritised during the quarter.
In a statement, H&M said: “The work towards the company’s goal of reaching a 10% operating margin in 2024 is going in the right direction.”
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