PARIS — Hennes & Mauritz AB reported revenues rose 8 percent in the first quarter.
Sales including VAT converted into Swedish krona totaled 50.6 billion kronor, or $5.9 billion, in the Dec. 1 to Feb. 29 period. In local currency terms, sales including VAT rose by 9 percent in the quarter, the retailer said. Excluding VAT, sales totaled 43.7 billion kronor, or $5.1 billion, up 8.5 percent.
In February, H&M posted a 10 percent sales increase in local currencies compared with the same month the previous year, an improvement from the 7 percent rise seen in January. This compared with a 15 percent increase in February 2015.
“Sales in February were positively affected by approximately 2 percentage points due to the leap day on [February 29],” the company said. H&M is scheduled to publish results for the first quarter on April 6.
The fast-fashion giant had a total of 3,970 stores worldwide as of Feb. 29, versus 3,551 a year earlier.
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