PARIS – As supply chain and inflation costs hit, Swedish high street retailer H&M posted barely weaker than expected sales within the three months to May 31, citing “flattish” net sales in local currencies.
Net sales looked slightly stronger in Swedish kronor, showing a 6 percent increase to 57.6 billion, or $5.36 billion at current exchange. The Swedish currency fell to its weakest level ever against the dollar and the euro in the course of the quarter.
With the U.S. dollar up around 2 percent within the period, the corporate cited the currency’s unexpected bounce back, in addition to costs of supplies and shipping, as aspects denting its recovery, despite having a success collection with the Mugler collaboration that was released May...
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