Fast fashion retailer H&M has posted a 1% drop in November same-store sales, after consumer spending continues to be hurt by economic worries and warm weather.
The retailer, which operates 2,472 stores worldwide, said group total sales including VAT increased by 9% in November compared to the same month last year. This growth was helped by the addition of 266 new stores during the period.
The figures mean H&M has seen its comparable store sales fall in six of the last nine months. In October, same-store sales dropped 2%, while in September they tumbled 7%. August same-store sales were flat with the prior year, but followed a fall of 6% in July, and a drop of 4% in June. Comparable-store sales rose 2% in May and 11% in April.
The Stockholm-based retailer also said that fourth quarter same-store sales fell 3%.
The company will report its full-year results on January 26, but says unaudited sales in the three months to November 30 increased by 6% in local currencies to SEK36.17bn ($5.2 billion) from SEK34.8billion ($5 billion) a year earlier. Excluding VAT, sales rose 4% to SEK30.9bn ($4.46 billion).
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