H&M’s Q4 sales fall slightly more than expected By Reuters

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<span>© Reuters. FILE PHOTO: The H&amp;M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar/File Photo</span><br />
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<p>STOCKHOLM (Reuters) -Swedish fashion retailer H&amp;M (ST:) reported on Friday a 4% drop in September-November sales measured in local currencies, larger than the 3% fall forecast by analysts.</p>
<p>The decline is the biggest since the third quarter of 2022 when it was also 4%.</p>
<p>The world’s second-biggest listed fashion retailer after <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Inditex </span></span> (BME:), H&amp;M has been prioritising its profit margin over sales, as it aims for an operating margin of 10% for 2024. For the first nine months of this year, its operating margin came in at 5.9%. </p>
<p>In Swedish crowns, net sales were roughly unchanged at 62.6 billion crowns ($6.10 billion) against a mean forecast of 63.2 billion.</p>
<p>Zara owner Inditex on Wednesday reported a 15% rise in local-currency sales for the nine months through October, and a 14% rise for the following six weeks. It posted a jump in 9-month profit and raised its margin outlook. </p>
<p>H&amp;M is due to publish its full-year earnings report on Jan. 31. </p>
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