Via AFR:
Weak pre-Christmas clothing sales have not only taken a toll on Australian fashion retailers and department stores – local sales at global retailer H&M went backwards in the November quarter.
According to accounts released by the Swedish clothing giant on Wednesday, sales at H&M Australia fell 6 per cent to 611 million Swedish kroner ($97 million) in the three months ending November and slipped 2 per cent in local currency terms even though the retailer opened five new stores.
H&M’s Australian sales for the 12 months ending November rose 31 per cent to 2621 million Swedish kroner and were up 26 per cent in local currency terms, swelled by 10 new stores.
The November quarter sales decline reflected tough trading conditions for department stores and clothing and accessories retailers in the months before Christmas.
In the retailer’s full-year report, H&M chief executive Karl-Johan Persson conceded that the fast-fashion juggernaut had erred by opening too many stores and failing to keep pace with changing customer behaviour.
Bad Santa. Bad!
