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Fashion retailer H&M has reported a 9% increase in net sales to SEK61,704m (£4.98m) for the three months to 30 November 2019.
Despite the sales growth, H&M said sales development for the quarter compared with the previous year was affected by Black Friday falling at the end of November. H&M said: “Therefore some of the big Black Friday online sales will not be recognised until December.
“The amount in question is expected to be approximately SEK 500 m. Adjusted for this amount, sales in SEK in the fourth quarter 2019 increased by 10% and in local currencies by 6% compared with the previous year.”
The group is expected to release its full-year financial results on 30 January, and anticipates an 11% increase in net sales to SEK232,764m (£18.8m). In local currencies, net sales are expected to increase by 6%.
It comes after H&M reported a 25% spike in net profits during Q3, which it attributed to “continued development of more full-price sales and reduced markdowns”.
