Latvia, Markets and Companies, Retail

Compared to the third quarter of last fiscal year, H&M saw the sales of its Latvian stores grow 3% in the local currency (euro). The size of the H&M chain in Latvia remained unchanged and included six stores.

In Estonia, where the Swedish fashion retailer has increased the number of stores by one to seven, sales climbed 27% year-on-year both in Swedish kronor and by 28% local currency to SEK 121 mln.

In Lithuania, the number of H&M stores did not change over the year, and the sales of the seven H&M stores in Lithuania grew 6% (5% in local currency) to SEK 91 mln.

All H&M stores together generated SEK 56.8 bln in third-quarter sales, up 6% year-on-year. The company indicated that net profits in the third quarter dropped by 9% to SEK 4.8 bln due to extraordinary warm weather this fall in Europe. The company’s profits were also affected by a continued negative US dollar effect.

The first H&M stores in Latvia opened in the fall of 2012.

On August 31 H&M had 4,135 stores in 62 countries of the world.