H&M profits impress despite September sales slowdown
STOCKHOLM -H&M reported a pick-up in quarterly profit margins on Wednesday, boosting optimism about its turnaround efforts even as the fashion retailer blamed unusually hot weather in many of its European markets for delaying the autumn shopping season.), said September sales would fall by 10% year-on-year measured in local currencies.
The predicted sales drop compares with Inditex reporting a 14% increase in sales between Aug. 1 and Sept. 11. H&M's margin reached 8% in the third quarter, from 2% a year earlier, as the retailer said it had prioritised profitability and inventory rather than sales. The 10% target is"challenging but achievable," Barclays analyst Nicolas Champ said.
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