Three quarters in a row of sales growth for H&M
By Edmund Blair - Mar 15th, 14:26
Sweden’s H&M, the world’s second-biggest fashion retailer, posted local-currency sales growth for its fiscal first quarter that matched analysts’ forecasts, on Friday, while net sales were slightly higher than expected.
Local-currency sales including VAT in the December-February period rose 4% from a year earlier, in line with the mean forecast in a Reuters poll of analysts.
That was the third straight quarter with rising local-currency sales.
H&M, whose main rival is market leader Inditex, said in a statement net sales excluding VAT were up 10% to 51.0-billion krona ($5.49bn) versus expectations for an 8% rise to 49.9-billion.
The company, which is due to publish its full first-quarter earnings report on March 29, did not comment on the figures.
H&M has seen profits shrink and inventories bank up in recent years due to slowing footfall at its core brand's stores in the face of a shift online and mounting competition, as well as difficulties in reacting fast enough to demand swings.
It is investing heavily in logistics, digital technology and store concepts, and is reviewing its mix of stores and brands, but analysts have not been convinced the company is back on track.
Inditex, the owner of Zara, has outperformed rivals for years but investors have started to fret about slowing sales growth at the group. It reported this week sales growth of 7% for February and the first week of March, the start of its financial first quarter.Business Live
Food and beverages giant PepsiCo makes offer to acquire Pioneer Foods
19/07/2019 - 10:18
In a vote of confidence about SA’s long-term prospects, New York-based food and beverages giant PepsiCo has made an offer to buy Pioneer Food Group, which makes Sasko breads and Ceres juices, in a deal worth at least R25.4bn.
AB InBev offloads Australian unit for $11.3bn
19/07/2019 - 09:03
Anheuser-Busch InBev (AB InBev), which shelved plans to list its Asia Pacific business in Hong Kong, said it will sell Australian subsidiary Carlton & United Breweries (CUB) to Japan’s Asahi Group for about $11.3bn (R157bn).
SAFW competitions offers entry into fashion industry
19/07/2019 - 08:41
It opened the door for David Tlale to showcase his designs at New York Fashion Work, Mmuso Maxwell to supply his garments to retail giant Woolworths and Clinton Lotter to take his work to the UK. Now, South African Fashion Week (SAFW) is once again looking to grow the fashion and creative industry by opening it to emerging designers.
US retail sales rise as households spend more
18/07/2019 - 14:16
US retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the hit on the economy from weak business investment.
Refinery celebrates diversity with new fashion campaign
18/07/2019 - 11:39
Local fashion retailer Refinery is set to make waves across the local industry with its new spring campaign which embraces diversity, encouraging others to be unashamedly, authentically themselves.