By Dominic Chopping
STOCKHOLM — Swedish fashion retailer Hennes & Mauritz AB said Monday that sales in its fiscal fourth quarter grew 9% on the year, missing expectations.
Sales in the quarter ended Nov. 30 rose to 61.7 billion Swedish kronor ($6.56 billion). A FactSet poll of 15 analysts expected SEK66.06 billion.
The retailer /zigman2/quotes/208522175/delayed SE:HM.B +3.02% said sales in local currencies increased by 5% year-on-year.
“Sales development for the quarter compared with the previous year was affected by calendar effects, mainly because Black Friday this year fell a week later, i.e. just before the end of the month of November,” the company said.
“Therefore some of the big Black Friday online sales will not be recognized until December,” H&M said.
The amount in question is expected to be approximately SEK500 million, and adjusted for this amount, sales in the fourth quarter of 2019 increased by 10% and in local currencies by 6% compared with the previous year.
The company’s complete fourth-quarter report will be published on Jan. 30.