Swedish fashion chain H&M revealed that net sales were lower than expected in the third quarter, rising just 3% to 57.5 billion Swedish kronor (£4.7 billion) in the period ended 31 August 2022

That reportedly fell short of analysts’ expectations of 5%. In local currencies, overall sales were down 4%.

The news comes as the group said “the third quarter got off to a weak start” in the industry’s key markets.

In June, H&M said it expected to be hit financially by a loss of 2bn Swedish kronor (£165m) following the closure of Russian stores due to the conflict in Ukraine.

The group will reportedly publish its results for the period between 1 December 2021 and 31 August 2022 on 29 September 2022.

H&M sales lower than expected in Q3

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