© Reuters. FILE PHOTO: H&M brand is seen on one of many Swedish retailer’s retailers January 30, 2020. REUTERS/Ints Kalnins
STOCKHOLM (Reuters) -Sweden’s H&M, the world’s second-biggest trend retailer, reported on Tuesday a rise in December by way of February gross sales that was according to expectations.
Internet gross sales within the firm’s fiscal first quarter have been up 23% year-on-year, or 18% measured in native currencies, at 49.2 billion crowns ($5.13 billion). Analysts polled by Refinitiv had on common forecast gross sales of 49.1 billion crowns.
H&M didn’t touch upon the figures within the assertion.
The retailer stated earlier this month it could quickly shut its shops in Russia, which final quarter accounted for 4% of group gross sales, becoming a member of a rising record of worldwide corporations shunning the nation following its invasion of Ukraine.
H&M will publish its full quarterly earnings report on March. 31. Its largest rival Inditex (MC:), the proprietor of Zara, is because of report quarterly outcomes on March 16.
($1 = 9.5890 Swedish crowns)
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