H&M posted a 3%-decline of same-store sales in October
Dec 02, 2009
Swedish retailer Hennes & Mauritz AB, highly impacted in France, Spain and the U.S., saw its market share decline in October. Sales at stores open for at least a year slid 3% for the sixth consecutive month. However, it is better than the 11% and 8% posted respectively in August and September.
Total sales rose 7% in October below expectations, which planned a 13% growth. By the end of this month, 1,925 stores were in operation up from 1,702 in the same period last year.
World’s 3rd largest fashion retailer is behind Gap, which just posted a 4%-increase in its same-store-sales in October, and behind Spanish Inditex. It does not unveil data of individual markets but the U.S, where it runs 169 stores, suffered in September a 8% decline due to the recession and a particularly warm climate following a -11%-decline in August.
France, Germany and Spain are its key markets in Europe. It will enter South Korea this coming spring. In China, where 13 outlets are already in operation, it is to open the first unit in Beijing before the end of this year. In Russia, its 4 units are successful. It is present in Middle East through franchise.