Retailer H&M shares hit record high on upbeat trading data

Hennes & Mauritz, Europe’s second-biggest retailer, reported monthly sales that beat analysts’ estimates, sending its shares to a record high.

Revenue at stores and operations open at least a year rose 4 per cent in August compared with the same month last year, the Stockholm-based company said today. The average estimate in a SME Direkt survey had been for a 2.5 per cent increase.

H&M gained as much as 5.4 per cent to 262.70 Swedish kronor in Stockholm trading.

Total sales in August climbed 14 per cent beating estimates for 12.6 per cent growth. H&M also said sales, excluding value-added tax, amounted to SKr32 billion in the three months to end-August. That compared with an average estimate of SKr31.6 billion in a Bloomberg survey of analysts. – (Bloomberg)