© Reuters. FILE PHOTO: The H&M clothes retailer is seen in Occasions Sq. in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar/File Photograph
STOCKHOLM (Reuters) -Swedish trend retailer H&M (ST:) reported on Friday a 4% drop in September-November gross sales measured in native currencies, bigger than the three% fall forecast by analysts.
The decline is the largest because the third quarter of 2022 when it was additionally 4%.
The world’s second-biggest listed trend retailer after Inditex (BME:), H&M has been prioritising its revenue margin over gross sales, because it goals for an working margin of 10% for 2024. For the primary 9 months of this yr, its working margin got here in at 5.9%.
In Swedish crowns, internet gross sales have been roughly unchanged at 62.6 billion crowns ($6.10 billion) towards a imply forecast of 63.2 billion.
Zara proprietor Inditex on Wednesday reported a 15% rise in local-currency gross sales for the 9 months via October, and a 14% rise for the next six weeks. It posted a leap in 9-month revenue and raised its margin outlook.
H&M is because of publish its full-year earnings report on Jan. 31.
