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Swedish fashion chain, H&M, has revealed that net sales were lower than expected in its third quarter, rising only by 3% to 57.5bn Swedish crowns (£4.7bn) in the period ended 31 August 2022.
This reportedly failed to meet a 5% analyst expectation. In local currencies, sales fell by 4% overall.
The news comes as, according to the group, “the third quarter got off to a weak start” in the industry’s major markets.
In June, H&M said that it expected to be hit financially by a loss of 2bn Swedish crowns (£165m) following the closure of its Russian stores due to the conflict in Ukraine.
It is reported that the group will publish its results for the period between 1 December 2021 to 31 August 2022 on 29 September 2022.
