H&M Reports Downbeat August Sales
Hennes & Mauritz AB (OTC: HNNMY) reported weaker-than-expected sales for August.
H&M's sales for the third quarter, including value added tax, surged to 33.57 billion Swedish kronor ($5.12 billion), versus SEK31.51 billion, in the year-ago period.
Its quarterly total sales rose 10%. H&M's total sales in August gained 6%, missing analysts' estimates of a 10.7% rise.
Its comparable sales in August declined 4%, missing estimates of a 1% rise.
H&M is expected to report Q3 earnings on September 27.
H&M's shares closed at $7.51 on Friday.
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