- Prachi Singh
Hennes and Mauritz AB (H&M) has announced through statement that the group continued to grow globally during 2019 in a rapidly changing fashion industry. The H&M group’s net sales increased by 11 percent to 232,764 million Swedish krona (24,836 million dollars) in the financial year of 2019, while in local currencies, net sales increased by 6 percent.
In the fourth quarter of 2019, H&M group’s net sales increased by 9 percent to 61,704 million Swedish krona (6,584 million dollars), while in local currencies, net sales increased by 5 percent. The company added that sales development for the quarter was affected by mainly because Black Friday this year fell a week later, hence some of the big Black Friday online sales will not be recognised until December. The amount in question is expected to be approximately 500 million Swedish krona. Adjusted for this amount, sales in SEK in the fourth quarter 2019 increased by 10 percent and in local currencies by 6 percent compared with the previous year.
The company will publish full-year report for 2019 on January 30, 2020.
Picture:H&M media gallery