The sales of Swedish fashion retailer H&M on the Romanian market have increased by 12 percent in first quarter (December 2017 – February 2018) to EUR 58.31 million (SEK 594 million) from EUR 52.22 million (SEK 532 million) in Q1 2017.
H&M had 56 stores in Romania at the end of February. The H&M group’s total sales including VAT amounted to EUR 5.25 billion (SEK 53.55 billion).
”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 forth 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. The high level of clearance sales combined with unusually cold winter weather had a negative impact on the sales of the spring garments. In the first quarter the H&M group’s sales were unchanged in local currencies,” Karl-Johan Persson, CEO H&M group, commented.
Swedish clothing retailer announced that ’Afound’ will be launched as a new brand during 2018. Afound will be an off-price marketplace offering products from well-known and popular fashion and lifestyle brands, both external brands and those from the H&M group. Its first stores and a digital marketplace will open in Sweden to start with.