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.
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