Fashion retailer Hennes & Mauritz yesterday announced that its recent strong sales growth had slowed sharply this month as unusually warm weather delayed purchases of cold-weather gear.
The Swedish company said sales in the 1-23 September period rose seven per cent, compared with a near-20 per cent increase in August, putting September on track to be the slowest month for sales growth this year.
In the six months from March through August, sales growth averaged 16 per cent.
Stockholm, H&M’s home town, has enjoyed unseasonably warm weather this month, and one store had sweaters, scarves, gloves and jackets with faux fur lining in autumn colours of browns and maroon on prominent display.
“September was a little lower than we had planned because some products haven’t sold due to the warm weather,” chief executive Karl-Johan Persson said.