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H&M has announced a 12% decrease in sales in Australia in Q1 2018FY compared to the same quarter last year.

In its quarterly report, the group revealed that it had seen a drop from kr595 million in sales during Q1 2017 to kr673 million in sales for Q1 2018 across the country.

The company revealed that it had not opened any new stores across Australia in the quarter after opening 10 new stores last year to move the total number of stores to 32.

This decrease in sales comes as part of a tough quarter for the brand as they announced a 1% decrease in sales across the globe compared to last year's Q1 results.

H&M CEO Karl-Johan Persson said that the news came as part of a rough start to 2018 following a weak Q4 in 2017.

“The rapid transformation of the fashion retail sector continues. As communicated previously, the start of the year has been tough.

“2018 is a transitional year for the H&M group, as we accelerate our transformation so that we can take advantage of the opportunities generated by rapid digitalisation.

“Weak sales in the fourth quarter, partly caused by imbalances in the assortment for the H&M brand, resulted in the need for substantial clearance sales in the first quarter.”

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