H&M sales rise by 12 per cent in first three weeks of September after weather hit August numbers

 
Joseph Millis
The clothing store has seen sales return to form after taking a hit in August (Source: Getty)

Swedish clothing retailer Hennes and Mauritz (H&M) yesterday report­ed an 11 per cent jump in sales in September compared with the same month last year.

The world’s second-biggest fashion retailer said sales in the first 22 days of September rose 12 per cent, as the weather in many of its large European markets returned to more normal conditions, following an unseasonably warm August.

“When the weather became more normal in September, sales took off again,” chief executive Karl-Johan Persson said in a statement.

The total number of stores amounted to 3,733 on 30 September 2015 versus 3,338 on 30 September 2014.

In August, H&M warned: “Since the US dollar strengthened further during the purchasing period for the fourth quarter, the purchasing costs for the fourth quarter have continued to be negatively affected.”

The retailer buys most of its clothes in Asia on US dollar contracts while selling most of them in Europe. It is more exposed to dollar strength than bigger rival Inditex.

Percentage sales development for October will be published on 16 November.

Related articles