H&M India sales up 41% in Q4 to SEK 389 million

Swedish fashion retailer Hennes & Mauritz Thursday reported 41 per cent jump in its sales in India at SEK (Swedish Krona) 389 million (around Rs 306 crore) for the fourth quarter ended November 2018.

The company, which follows December-November financial year had posted net sales of SEK 276 million in the year-ago period, Hennes & Mauritz (H&M) said in a statement.

For the full year 2018, the company said its sales in India stood at SEK 1,408 million as gainst SEK 1,092 million in 2017, up 29 per cent.

The company said it was "able to outperform a number of markets in the fourth quarter", H&M CEO Karl-Johan Persson said.

"In several markets the total growth was driven by both physical stores and online. Among these were China (24 per cent), India (43 per cent) and Russia (27 per cent)," he added.

The company's growth of 43 per cent in India is in rupee term.

On its store count, H&M said in the fourth quarter it added five new stores in India.

For the full year, 12 new stores were added in India ending the year with a total of 39 stores.

H&M further said its global integration of stores and online continues. Work is continuing at full speed to roll out online globally to all existing H&M markets and to other markets as well.

In the 2018 financial year, H&M's online store opened in a further four new markets India and, via franchise, Kuwait, Saudi Arabia and the United Arab Emirates and also on Tmall in China, it added.