Online expansion helps H&M beat analysts’ forecasts in November
SWEDISH retail giant H&M beat analyst forecasts yesterday, after reporting a 10 per cent rise in sales in November.
The group, with 3,511 stores worldwide, said overall net sales from 1 September to 30 November – its fourth quarter – totalled 42.6bn Swedish kronar (£3.58bn), excluding sales tax.
That compares with 36.5bn kronar a reported a year earlier and is above analyst forecasts of 42.2bn kronar.
H&M has benefited from a recovering US economy, a stronger online presence and a broader product offering, which includes new brands such as & Other Stories and sales of homeware.
H&M still lags behind Zara-owner Inditex by annual sales, but this summer it took its rival on in its home market with its first Spanish online store.
It plans next year to start online in new markets such as Belgium, Bulgaria, the Czech Republic, Hungary, Poland, Portugal, Romania and Slovakia.