Advertise with fastmoving.co.za
 
 

Cool weather dents H&M’s monthly sales - UK
Cool weather dents H&M’s monthly sales - UK

Cool weather dents H&M’s monthly sales - UK

INTERNATIONAL NEWS

IOL Business - May 17th 2016, 08:35

London - Hennes & Mauritz shares fell after the clothing retailer said sales in April were hurt by unseasonably cool weather in many parts of Europe. 

The stock dropped 1.9 percent to 260 kroner at 9.03am in Stockholm, extending this year’s decline to 14 percent.

Sales rose 5 percent last month at local currency rates, missing the 7.9 percent average estimate of analysts surveyed by SME Direkt. Unusually, the company included a commentary with its monthly figures to cite the impact of the weather.

“The cold spring which continued into April in several of H&M’s large markets has had an unfavourable impact on sales of transitional garments,” H&M said.

Snow fell in Germany, the retailer’s biggest market, and other parts of Europe in April, causing shoppers to delay purchases of items such as T-shirts and shorts. Britain’s Next has also cited the impact of the cool weather.

H&M last month reported quarterly earnings that fell the most in five years as the strong dollar inflated the cost of Asian-made garments.From IOL Business 

Read more about: uk | sme direkt | london | hennes & mauritz

Related News

Profits fall at Aldi UK but continuing expansion drive
18/09/2019 - 10:35
Aldi’s British and Irish arm saw its profits fall by more than a quarter last year due to price cuts and investment in its infrastructure. However, the discounter reaffirmed its plans to continue its rapid expansion, with London now a key area of focus.

RDI Reit offloads German shopping centre for €91m
18/09/2019 - 10:23
RDI Reit said on Wednesday it is making progress in offloading its German assets after selling its Bahnhof Center in Hamburg for €91m (R1.47bn).

UK retailers bristle at demand of no-deal Brexit
10/09/2019 - 14:52
A British demand for supermarkets to prepare for a potentially chaotic no-deal Brexit by stockpiling food is stoking anger in the industry, with bosses saying they should not be blamed if people can't find everything they want on the shelves.

Tesco to cut 4,500 jobs in Metro restructuring
06/08/2019 - 13:55
British supermarket chain Tesco is cutting about 4,500 jobs from its Metro stores to improve the efficiency of a format that is increasingly used by customers daily rather than for a traditional weekly shop.

Brait's struggling UK retailer New Look turning a corner
11/07/2019 - 11:30
Investment holding company Brait says its UK high-street retailer New Look, which was largely responsible for the dismal performance it reported in June, is now better positioned to turn the corner.