STOCKHOLM — Swedish fashion retailer Hennes & Mauritz AB said Monday that sales in its fiscal fourth quarter grew 9% on the year, missing expectations.
Sales in the quarter ended Nov. 30 rose to 61.7 billion Swedish kronor ($6.56 billion). A FactSet poll of 15 analysts expected SEK66.06 billion.
The retailer HM.B, +1.23% said sales in local currencies increased by 5% year-on-year.
“Sales development for the quarter compared with the previous year was affected by calendar effects, mainly because Black Friday this year fell a week later, i.e. just before the end of the month of November,” the company said.
“Therefore some of the big Black Friday online sales will not be recognized until December,” H&M said.
The amount in question is expected to be approximately SEK500 million, and adjusted for this amount, sales in the fourth quarter of 2019 increased by 10% and in local currencies by 6% compared with the previous year.
The company’s complete fourth-quarter report will be published on Jan. 30.
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December 16, 2019 at 02:47PM
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H&M fourth-quarter sales miss expectations - MarketWatch
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