H&M net sales edge up 6% in Q3

H&M has revealed that its net sales rose 6% to SEK 60bn (£4.3bn) for the three months ended 31 August 2023.

Alongside this the company stated that its net sales were up 8% when excluding Russia, Belarus and Ukraine.

However, in local currencies, the company stated that its net sales were “flattish” compared with last year.

H&M added that the work towards the company’s goal of reaching a 10% operating margin in 2024 was “headed in the right direction”.

H&M also stated that profitability and inventory levels have been prioritised in the quarter.

This news comes after H&M revealed it would be bringing its pre-loved shopping experience to the UK in order to help boost sales.

The company announced that the range will be available in its London flagship on Regent Street store from 5 October.