Sweden-based multinational fashion firm Hennes & Mauritz (H&M) Group has reported a 6 percent rise in net sales in the third quarter of the 2023 fiscal (Q3 FY23), spanning from June 1 to August 31, reaching Swedish krona (SEK) 60,897 mn (approximately $5,420.33 mn) compared to SEK 57,450 mn in the corresponding period last year. Despite this increase, sales remained largely flat when viewed in local currencies.
Looking at different geographic regions, when excluding Russia, Belarus, and Ukraine from the calculations, the increase in net sales was 8 percent in SEK terms, the company said in a press release.
On the operational front, H&M is making steady strides towards its goal of attaining a 10 percent operating margin by 2024. The Q3 report indicated a positive trajectory in this regard, with a pronounced focus on enhancing profitability and managing inventory levels efficiently throughout the quarter.
