Hennes & Mauritz posts 49 percent growth in India

Swedish fashion retailer Hennes & Mauritz (H&M) posted a 49 percent growth in sales in India to 428 million Swedish Krona (around Rs 352 crore) in the June-August quarter of 2018.

While for the nine-month period (December 2017 to August 2018) H&M India sales reported a 34 percent growth to 1,124 million Swedish Krona (around Rs 924 crore) including VAT compared to the corresponding period.

H&M, which follows December-November financial year, has added 7 stores during the last nine months in India, totaling to a network of 34 stores.

The company had posted sales of 178,817 million Swedish Krona in December-August, H&M said in a nine-month report.

In the June-August quarter, H&M reported a global sales of 64,800 million Swedish Krona.

During the quarter, H&M's online sales increased by 32 percent, it added.

"The group's online sales increased by more than 30 percent in the third quarter. Today H&M online is in 47 markets and we are continuing at full speed to roll out online globally to all our existing store markets as well as to other markets," said H&M CEO Karl-Johan Persson.

During the three-month period, Germany was the highest contributor with 9,851 million Swedish Krona sales, followed by the USA with 6,869 million Swedish Krona sales. H&M operates 458 and 559 stores in Germany and USA, respectively.

While, China had a sales of 3,225 million Swedish Krona during the June-August quarter of 2018, where it operates 522 stores.