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H&M (STO: HM-B) 4Q18 Sales Update: Constant-Currency Sales Rise 6.0%

Executive Summary

  • In 4Q18, H&M grew sales including value-added tax (VAT) by 11.9% in its reporting currency, the Swedish krona.
  • The company reported constant-currency sales growth of 6.0%, below the consensus estimate of 7.0%.
  • The company announced it will report only sales excluding VAT in future interim reports and sales development press releases, starting with its full-year report to be published January 31, 2019.

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