PARIS — Hennes & Mauritz AB said its sales growth halved in September versus August as unusually warm weather impacted sales of fall collections in most of its markets.
Total sales in local currencies rose 8 percent in September, down from a gain of 19 percent the previous month, the Swedish fast fashion retailer reported on Wednesday. Sales in local currencies rose 7 percent in September 2013.
In its third-quarter sales report, published on Sept. 25, H&M had reported a 7 percent local currency increase in sales from Sept. 1 to Sept. 23, suggesting an uptick in the last week of the month.
Despite reporting a 20 percent jump in after-tax profits in the three months to Aug. 31, analysts and investors homed in on the decline in H&M’s gross margin, which dropped to 58.3 percent in the period from 58.8 percent in the third quarter of 2013, mainly due to cost inflation.
H&M noted its store count came to 3,388 on Sept. 30 versus 3,006 on the same date in 2013. It no longer breaks out same-store sales data.