H&M raises revenue in Ukraine by 59% in national currency in third fiscal quarter

The Swedish company Hennes & Mauritz AB (H&M), the owner of Europe's second largest clothing chain, increased revenue in its Ukrainian stores by 59% in hryvnias in the third fiscal quarter (June 1-August 31).

According to the company's report, for the third financial quarter, H&M sales in Ukraine amounted to SEK 86 million ($ 9.65 million), which is 1.5 times more than in the same period of 2019 (SEK 56 million, or $ 6.28 million). Thus, the growth in Swedish krona was 54%, and in hryvnia 59%.

During this period, the company launched two new stores in Ukraine, thus expanding the network to five objects (all in Kyiv).

Overall, over the nine months of the fiscal year, H&M increased revenue by 10%, to SEK 156 million (SEK 142 million in the nine months of 2019), while sales in hryvnias increased by 5%.

H&M Hennes & Mauritz LLC was established in 2013.

Source: www.en.interfax.com.ua