PARIS — Hennes & Mauritz AB said sales including VAT in the fourth quarter totaled 36.17 billion Swedish kronor, or $5.4 billion, representing a 3 percent decrease in comparable units.
The Swedish high-street retailer, which will publish full-year results on Jan. 26, said same-store sales for the full fiscal year (December 2010 to Nov. 30) were down 1 percent, while sales in local currencies rose 8 percent.
H&M did not provide an explanation for the data. The world’s third-largest fashion chain has seen sales and profits slide in recent months as European consumers tighten their belts amid worries a new recession is around the corner.
In local currency terms, sales including VAT increased by 6 percent between Sept. 1 and Nov. 30, compared with the same fiscal quarter in 2010. Excluding VAT, sales amounted to 30.92 billion kronor, or $4.6 billion, versus 29.71 billion kronor, or $4.3 billion, during the same period a year earlier. All dollar rates are calculated at average exchange rates for the period in question.
H&M also reported that same-store sales fell 1 percent in November following a 2 percent decrease in October. Sales in local currencies rose 9 percent, versus an 8 percent rise the previous month. In November 2010, H&M reported an 8 percent rise in same-store sales and a 17 percent jump in local currencies.
The store count stood at 2,472 on Nov. 30 versus 2,206 stores at the same time last year.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)