September 15, 2017 / 6:18 AM / 2 months ago

H&M Q3 sales growth matches expectations at 5 pct

STOCKHOLM, Sept 15 (Reuters) - Fashion retailer H&M said on Friday unusually large markdowns capped turnover in its fiscal third quarter as it reported a 5 percent year-on-year rise for the period, matching expectations.

The Swedish group said in a statement ahead of its full June-August earnings report due on Sept. 28 that sales in the period totalled 51.2 billion crowns ($6.4 billion), in line with the mean forecast in a Reuters poll of analysts.

“Sales in the quarter were affected by a significantly larger summer sale this year than in the corresponding quarter last year – both in terms of the number of items and the average discount per piece – which had a dampening effect on revenue growth,” H&M said.

$1 = 7.9924 Swedish crowns Reporting by Anna Ringstrom, Editing by Helena Soderpalm

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