PARIS — Hennes & Mauritz AB said revenues rose 6 percent in the third quarter, an improvement on the second quarter, but its momentum in August was impacted by a heat wave in key markets.
Sales including VAT converted into Swedish krona totaled 56.8 billion kronor, or $6.73 billion, in the period from June 1 to Aug. 31. This compared with a sales rise of 2 percent in the second quarter. In local currency terms, sales including VAT rose by 8 percent during the period, the high street retailer said.
In August, H&M posted a 7 percent sales increase in local currencies compared with the same month the previous year, a slowdown from the 10 percent increase posted in July. This compared with a 1 percent increase in August 2015.
“Sales development in August had a very good start. But sales were negatively affected in the second half of the month by exceptionally hot weather in most of the group’s markets,” it said.
The fast-fashion giant had a total of 4,135 stores worldwide as of Aug. 31, versus 3,675 a year earlier. All dollar rates are calculated at average exchange rates for the period concerned.