H&M, the Swedish fast fashion giant, has seen its Q3 sales grow by a meagre 3 per cent.
That’s much below the 5 per cent growth predicted by analysts.
Though in local currencies, the quarterly sales slumped by as much as 4 per cent, the June to August quarter was still a positive one for the clothing retailer.
Despite a not-so-good start to Q3, H&M saw the numbers improving during the quarter, with better start for autumn collections than what one saw a year earlier.
That’s something H&M would be happy about considering the fears amongst the fashion retailers of poor trading in the months to come owing to cost-of-living crisis.
Despite challenges, H&M is confident that it has the product consumers want for the autumn season, and therefore it is operating from a position of strength.
Founded in 1947, H&M is known for its fast-fashion apparels for men, women, teenagers and children. It generated US $ 24.8 billion in 2019.