Mumbai: H&M has reported a 5 per cent increase in its sales (including VAT) in the third quarter of the current financial year ended August 31. The sales for the fashion retailer reached SEK 59,383 million as against SEK 56,802 million in the third quarter of 2016. Sales excluding VAT amounted to SEK 51,229 million, up 5 per cent from last year’s SEK 48,982 million.
Sales during the summer season positively affected the sales in the reporting quarter, the company reports. H&M Group owns and operated fashion brands like H&M and H&M Home, COS, & Other Stories, Monki, Weekday Cheap Monday and ARKET. The retailer’s store count at the end of the third quarter stood at 4,553 compared to 4,135 as on August 31, 2016.
The fashion retailer is also expecting its online sales to increase by at least 25 per cent per year. It has plans ready to enter the online markets in India, Uruguay and Ukraine by 2018. The move will further increase the overall sales of the company.