- Prachi Singh |
Sales including VAT in the third quarter, from June 1, 2018 to August 31, 2018, at Hennes & Mauritz AB (H&M) amounted to 64,800 million Swedish krona (7,160.5 million dollars), an increase of 9 percent compared to the corresponding quarter the previous year. The company said, sales excluding VAT amounted to 55,821 million Swedish krona (6,168 million dollars). In local currencies sales including VAT increased by 4 percent.
The company said in a statement that the H&M group’s continuous transition, to face the major shift within the industry, has contributed to a gradually improved sales development and increased market share in many markets in the third quarter. However, sales and cost development in some of the group’s important markets such as the US, France, Italy and Belgium were in the third quarter considerably affected by the issues that emerged during the implementation of new logistics systems in the spring.
H&M founded in Sweden in 1947, offer merchandise under H&M, COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, Arket as well as Afound. The group has 47 online markets and more than 4,800 stores in 70 markets including franchise markets.