Sales revenues of H&M in Serbia reach EUR 31.5 million in nine months – Growth of 21% realized

The sales of the Swedish clothes producer H&M in Serbia jumped by 21% to SEK 302 million (EUR 31.5 million) in the first nine fiscal months, the company says in its financial report. Expressed in local currency, the sales in Serbia, in the period from December 1, 2016, till the end of August 2017, jumped by 18%.

In the third quarter, the sales revenues of H&M jumped by 16% to SEK 109 million, whereas, in local currency, the jump in this quarter amounted to 11%.

The company had 11 stores in Serbia at the end of August, having opened one store in the third quarter.

The second biggest global clothes producer recorded a loss of profit by 20% globally in the past quarter, as summer discounts affected the profit margin.

H&M has been struggling in the volatile clothes retail market for some time now, due to stronger competition and the fact that younger clients are oriented toward online shopping. Its pre-tax profit in the quarter which ended on August 31 was down by 20% to SEK 5.02 billion, whereas analysts expected a drop by 21%, Wisebroker reports.

H & M Hennes & Mauritz d.o.o. Beograd

H&M

HM

Hennes & Mauritz

Hennes Mauritz

production of clothes

sale of clothes