×
78 317
Fashion Jobs
NIKE
Senior Software Engineer ii - Business Planning & Consolidation
Permanent · Beaverton
NIKE
Special Assets – Governance Operations Senior Manager
Permanent · Beaverton
ABERCROMBIE AND FITCH CO.
Director, Digital Product Management (Remote)
Permanent · Columbus
TAPESTRY
Manager, Account Executive
Permanent · New York
JOCKEY
Merchandise Planner
Permanent · Kenosha
JOCKEY
Global Supply Chain Planning Manager
Permanent · Kenosha
SALLY BEAUTY CORPORATE
Outside Sales Representative -Cosmoprof
Permanent · Boston
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Wichita
NORDSTROM INC
Manager - Asset Protection - Downtown Seattle Rack
Permanent · Seattle
ATHLETA
Assistant General Manager - Mall of America
Permanent · Bloomington
OLD NAVY
Assistant General Manager - Fremaux tc
Permanent · Slidell
BLOOMINGDALE'S
Registry Consultant, Full Time: 59th Street
Permanent · New York
ALICE AND OLIVIA
Business Systems Analyst – Wholesale
Permanent · New York
LEVI'S
Retention Marketing Manager - Beyond Yoga
Permanent · Culver City
LEVI'S
Senior Manager, Business Analytics - Beyond Yoga
Permanent · Culver City
LEVI'S
Senior Manager, Direct Mail Marketing - Beyond Yoga
Permanent · Culver City
RALPH LAUREN
Associate Manager Merchandise
Permanent · Bluffton
MACY'S
Manager, Business Administration
Permanent · Bay Shore
MACY'S
Asset Protection Detective, Quaker Bridge Mall - Part Time
Permanent · Lawrence Township
MACY'S
Asset Protection Detective, Dadeland - Full Time
Permanent · Miami
MACY'S
Asset Protection Detective, Garden State Plaza - Full Time
Permanent · Paramus
MACY'S
Asset Protection Detective, Gurnee Mills - Part Time
Permanent · Gurnee
By
Reuters
Published
Sep 15, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

H&M says hot weather kept shoppers away in August

By
Reuters
Published
Sep 15, 2016

Budget fashion retailer Hennes & Mauritz has reported a rise in sales in August that was little more than half of what analysts had expected, with the company saying unusually hot weather in key markets had kept shoppers away in the second half of the month.


Ellandi


The news cast some doubt over the extent of a recovery later this year which has been widely expected by analysts and flagged by Chief Executive Karl-Johan Persson after years of tightening margins and several quarters of profit falls.

H&M is the world's second-biggest clothing retailer after Spain's Inditex, the owner of Zara.

The Swedish group, which has the bulk of its business in Europe, said local-currency sales in August, the last month of its fiscal third quarter, was up 7 percent from a year ago, well short of the 13 percent average forecast given by analysts in a Reuters poll.

"Sales development in August had a very good start. But sales were negatively affected in the second half of the month by exceptionally hot weather in most of the group's markets," the company said in a statement.

Shares in the firm were down 2.4 percent at 253 crowns by 0715 GMT.

The overall clothing market in Germany, H&M's single-biggest market, was down 3 percent in August, according to Textilwirtschaft industry data.

Societe Generale analyst Anne Critchlow estimated H&M's comparable sales shrank 2 percent in the month and predicted a continued decline in its operating profit margin.

"Weather was certainly unhelpful across northern Europe, being too warm for the launch of the transitional autumn/winter ranges at full price and this has continued into September," she said.

"We expect much stronger current trading for Inditex when it reports current trading next week: we are looking for 9 percent like-for-like for the 6 weeks to mid-September at Inditex."

H&M has seen profits fall in each of the last three quarters, with a number of factors seen at play, including more competition in the budget segment of the clothing market and high purchasing costs in Asia due to a stronger dollar as well as the costs of making large long-term investments in online technology and new brands.

The August sales figures were helped by an easy comparison, being the first month since September 2015 that growth was faster than the same month in the previous year.

H&M said net sales in the last three months totalled 49 billion crowns (4.3 billion pounds), up from 46 billion in the same period a year ago but below a forecast 50 billion.

$1=8.4985 Swedish crowns

© Thomson Reuters 2022 All rights reserved.