H&M's sales in local currencies back at pre-pandemic level
$HENNS & MRTZ ADR(HNNMY.US$ H&M, the world's second-biggest fashion retailer, said on Wednesday its sales measured in local currencies in the September to November period matched levels achieved before the pandemic drove down demand.
Net sales were up 8% year on year at 56.8 billion crowns ($6.22 billion) in the period, H&M's fiscal fourth quarter. Measured in local currencies, sales were up 11%.
"Despite continued restrictions and the negative consequences of the pandemic, the H&M group's sales in local currencies were back at the same level as in the fourth quarter of 2019," the company said in a statement.
At the end of November, around 115 H&M stores were temporarily closed due to restrictions, mainly in Austria and Slovakia. At the start of the quarter, about 100 had been closed, mainly in southeast Asia.
H&M warned on Sept. 30 that sales growth in September was held back by global supply chain disruptions but did not mention the issue in Wednesday's statement.
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