Fashion retailer H&M posts an 8% rise in sales, wrapping up 2011 on a prosperous note
Swedish retail giant H&M has announced its sales figures for the 2011 fiscal year, revealing a mixed performance that saw an overall 8% increase in sales compared to the previous year, a decrease from the 15% growth recorded in 2010.
The company, which includes chains such as H&M, Cos, Monki, Weekend, and Cheap Monday across its 2,472 stores worldwide, reported a 1% decrease in same-store sales for November 2011. However, the growth in sales for November was higher than the monthly growth for the rest of the year, with a significant spike in April and May, where growth was 21% and 12%, respectively.
The sales performance for the year was affected by weakness in consumer spending worldwide, a trend that has been evident across many retail sectors. As a result, H&M continues to struggle to regain momentum in its sales.
Despite the challenges, the company did manage to increase its store count over the course of the year, with the number of stores rising from 2,206 in the previous year. The full results for the year, including the fourth quarter, will be published by H&M on January 26, 2012.
It is worth noting that Karl-Johan Persson, who took over as CEO in 2009, remained in the role until early 2024, with Daniel Erver taking over the position only in January 2024.
H&M will be looking to improve its sales figures in the coming years, with a focus on enhancing its product offerings and customer experience to attract more shoppers. The company's long-term success will depend on its ability to adapt to changing consumer trends and market conditions.
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