- Sales in August up 7% in local currencies
- August had good start but second half hit by hot weather
- Third-quarter sales up 8%
Fashion giant H&M reported a rise in group sales last month, but blamed “exceptionally hot weather” for hampering its European performance.
Total sales across its entire European business in August rose 7%, in local currencies. A like-for-like figure was not disclosed.
H&M, the world’s second largest fashion retailer, said it had a “very good start” to the month, but sales were “negatively affected in the second half of the month by exceptionally hot weather in most of the group’s markets”.
Societe Generale analyst Anne Critchlow estimated H&M’s like-for-likes slipped 2% in the month and predicted a continued decline in its operating profit margin.
In its third quarter, covering June 1 to August 31, 2016, group sales rose 6% to SEK56.8bn.
Earlier this month, H&M reported that its UK profits plunged 17% in its last full-year to November 2015.