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H&M Q3'19 sales rise 12% YOY, beat estimates

H & M Hennes & Mauritz AB on Sept. 16 posted double-digit sales growth for the third quarter of 2019, beating analysts' expectations.

For the period between June 1 and Aug. 31, net sales rose 12% year over year to 62.57 billion Swedish kronor from 55.82 billion kronor. The fast-fashion retailer surpassed the S&P Global Market Intelligence consensus revenue estimate of 61.74 billion kronor.

In local currencies, H&M reported that net sales increased 8% from the third quarter of 2018.

The company said its well-received summer collections and increased market share show that its transformation plan "is on the right track." It noted that activity levels related to its transformation work have remained high during the quarter.

The retailer also announced that it expects to release its financial results for the nine-month period ended Aug. 31 on Oct. 3.

In lunchtime trading in Sweden, H&M shares were down 2.6% at 185.38 kronor.

As of Sept. 13, US$1 was equivalent to 9.60 Swedish kronor.