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STOCKHOLM, Sweden — Hennes & Mauritz AB reported November sales that beat analysts' estimates after favorable weather, calendar effects and a line designed by Isabel Marant boosted revenue at Europe's second-biggest clothing retailer.
Revenue at stores and operations open at least a year rose 10 percent compared with a year earlier, the Stockholm-based company said in a statement today. That topped the 4 percent gain anticipated in a survey of analysts by SME Direkt. It’s the strongest same-store development in 20 months.
The retailer, which started selling clothes designed by French fashion house Isabel Marant in around 250 stores and online Nov. 14, said total sales advanced 21 percent last month, compared with a estimated 14 percent increase in the SME survey. The sales development in November was positively affected by calendar effects of about 3 percent, H&M said, and by favorable weather.
H&M said sales, excluding value-added tax, were 36.5 billion kronor ($5.6 billion) in the three months ended Nov. 30. That was higher than the average estimate of 36.1 billion kronor in a Bloomberg survey. The company had 3,132 stores at the end of November, up from 2,776 a year ago. Its shares have gained 24 percent so far this year.
By Veronica Ek; Editors: Kim McLaughlin, Thomas Mulier, James Ludden
