H&M posts flat sales again after 'unusually hot weather'

H&M has reported net sales of SEK62.63bn (£4.8bn) for the fourth quarter to November 30, 2023.

Net sales excluding Russia and Belarus for the period were up 3% in Swedish krona but dropped 1% in local currencies, while net sales were also down 4% in local currencies year on year.

Ahead of its full-year report, which is set to be published next month, H&M said net sales for the full year to November 30 were up 6% to reach SEK236.01bn (£18.04bn).

For the full year, sales were up 8% in krona, when excluding Russia and Belarus, as well as increasing 1% in local currencies.

H&M previously reported “flattish” sales in most local currencies in its third quarter as the cost-of-living crisis and competition made for a tough backdrop for the fashion retailer.

H&M warned in its last trading update that “unusually hot weather” was taking a toll on the start of its autumn season; however, today’s update reflects an improvement on the 10% decline in local currencies that was anticipated for September. 

The fashion giant is expected to publish its full-year report for the 2023 financial year on January 31.