For the nine months to August 31, 2018, sales including VAT at Hennes & Mauritz AB (H&M) increased by 3 percent to 178,817 million Swedish krona (20,242 million dollars), while sales excluding VAT amounted to 153,986 million Swedish krona (17,431 million dollars), also an increase of 3 percent. In local currencies, sales including VAT increased by 1 percent. For the third quarter, the group’s sales including VAT increased by 9 percent to 64,800 million Swedish krona (7,335.6 million dollars), while sales excluding VAT amounted to 55,821 million Swedish krona (6,318 million dollars), an increase of 9 percent. In local currencies, sales including VAT increased by 4 percent.
Commenting on the results and way ahead, Karl-Johan Persson, H&M’s CEO said in a statement: “The rapid changes in the fashion industry are continuing and the H&M group is in an exciting transitional period. Our transformation work has contributed to a gradual improvement in sales development with increased market share in most markets during the third quarter, particularly in Germany, Sweden, Eastern Europe, Russia and China. We are continuing to optimise the store portfolio in order to accommodate customers’ changed shopping patterns in the ongoing shift online. In the year to date this has meant a lower net addition of new stores within the group.”