Sweden-based multinational fashion firm Hennes & Mauritz (H&M) Group has reported a 6 per cent rise in net sales in the third quarter of the 2023 fiscal (Q3 FY23), spanning from June 1 to August 31, reaching Swedish krona (SEK) 60,897 million (approximately $5,420.33 million) compared to SEK 57,450 million in the corresponding period last year. Despite this increase, sales remained largely flat when viewed in local currencies.Looking at different geographic regions, when excluding Russia, Belarus, and Ukraine from the calculations, the increase in net sales was 8 per cent in SEK terms, the company said in a press release.
In Q3 FY23, H&M Group saw a 6 per cent increase in net sales, achieving SEK 60,897 million.
Despite this, sales remained largely flat in local currencies. Excluding Russia, Belarus, and Ukraine, the rise was 8 per cent.
H&M is on track to reach a 10 per cent operating margin by 2024, prioritising profitability and inventory management this quarter.
On the operational front, H&M is making steady strides towards its goal of attaining a 10 per cent operating margin by 2024. The Q3 report indicated a positive trajectory in this regard, with a pronounced focus on enhancing profitability and managing inventory levels efficiently throughout the quarter.
Fibre2Fashion News Desk (DP)
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