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H&M (OTCPK:HNNMY) inventory slid sharply on Wednesday after the Swedish retailer’s gross sales grew at a slower tempo than anticipated to start out 2023.
Net gross sales elevated by 3% in native currencies, in keeping with the corporate’s quarterly earnings launch. Sales progress was 7% in native currencies excluding Russia, Belarus and Ukraine, international locations through which the corporate operated unimpeded for the majority of Q1 2022.
“Hennes & Mauritz’s fiscal 1Q23 3% local-currency sales growth looks disappointing compared to rivals, and though fashion appeal is improving, there needs to be a revenue catalyst to address the 130-plus days of inventory and create a platform for sustained margin recovery,” Bloomberg Intelligence famous in a evaluate of the quarterly report. “Total sales were just below the pre-pandemic level.”
Stockholm-listed shares of H&M slid 7.36% on Wednesday.
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