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H&M Q3 Net Sales Rise; Stock Dips

Swedish retailer Hennes & Mauritz AB or H&M Group (HNNMY.PK,HMRZF.PK,HEN.L) reported Monday that its third-quarter net sales increased 12 percent to 62.57 billion Swedish kronor from last year's 55.82 billion kronor.

In local currencies, net sales during the period from June 1 to August 31 increased by 8 percent.

The company said in a statement, "Well-received summer collections and increased market share confirm that the H&M group is on the right track with its transformation work to meet the customers' ever-increasing expectations."

H&M noted that activity levels related to the transformation work have remained high in the third quarter.

In Stockholm, H&M shares were trading at 186.52 kronor, down 2 percent.

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