H&M Third Quarter Performance Rose Slightly By Strong Dollar Influence

Recently, the fast fashion giant H&M's third quarter performance recorded a slight rise of 0.2%, mainly due to the strong dollar leading to higher product costs.

H&M spokesman pointed out that the fourth quarter will continue to be affected by the strong dollar to increase the cost of products.

According to Persson, the cosmetics products launched by H&M in July this year have been purchased in about 700 stores in 28 countries and are scheduled to be launched in other countries this fall.

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As of August 31st, H&M earned a net profit of $628 million in the third quarter.

According to the earnings data, net sales amounted to US $5 billion 450 million, excluding the value added tax, which increased by 19% over the second quarter. Sales at a constant exchange rate rose by 11%.

CEO Karl-Johan Persson of the company said hot weather in Europe was the main reason for the third quarter sales, but with VAT and constant exchange rate, H&M rose by 12% in the third quarter.

The gross profit margin declined, and the gross profit margin recorded in the third quarter was 55.9%, down 2.4% from the same period last year.

Persson said, "although the third quarter was strengthened by a strong US dollar.

But in general, the profits in the first three quarters of this year are satisfactory.

At the same time, we are closely monitoring the market to ensure that we can provide customers with the most fashionable single products.

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