Fast Fashion H&M Is Affected By Strong Dollar, Third Quarter Performance Rises 0.2%
Recently, the fast fashion giant.
H&M
The third quarter performance recorded a slight rise of 0.2%, mainly due to the strong dollar leading to higher product costs.
H&M spokesman pointed out that the fourth quarter will continue to be affected by the strong dollar to increase the cost of products.
As of August 31st, H&M earned a net profit of $628 million in the third quarter.
According to the earnings data, net sales amounted to US $5 billion 450 million, excluding the value added tax, which increased by 19% over the second quarter. Sales at a constant exchange rate rose by 11%.
H&M CEO Karl-Johan Persson said the continued hot weather in Europe was the main reason for the third quarter sales. But with VAT and a constant exchange rate, H&M's third quarter sales rose by 12%.
The gross profit margin declined, and the gross profit margin recorded in the third quarter was 55.9%, down 2.4% from the same period last year.
Persson said, "although the third quarter was affected by the strong US dollar in raising the cost of products, overall, the profits in the first three quarters of this year were satisfactory.
At the same time, we are closely monitoring the market to ensure that we can provide customers the most.
fashion
A single product. "
According to Persson, H&M was launched in July this year.
Cosmetics
The product has been purchased in about 700 stores in 28 countries around the world and plans to launch a make-up series in other countries this fall.
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