Fashion Retailer H&M's December-February Local-Currency Sales up 3%

H&M reported on Wednesday a 12% increase in December-February net sales. (Reuters)
H&M reported on Wednesday a 12% increase in December-February net sales. (Reuters)
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Fashion Retailer H&M's December-February Local-Currency Sales up 3%

H&M reported on Wednesday a 12% increase in December-February net sales. (Reuters)
H&M reported on Wednesday a 12% increase in December-February net sales. (Reuters)

H&M, the world's second-biggest fashion retailer, reported on Wednesday a 12% increase in December-February net sales while, measured in local currencies, sales were up 3%.

The Swedish group said net sales for the period, its fiscal first quarter, were up 12% from a year earlier to 54.9 billion crowns ($5.26 billion). Analysts polled by Refinitiv had on average forecast an 11% rise in net sales to 54.4 billion crowns.

It said in a statement that excluding Russia, Belarus and Ukraine the rise in net sales was 16%, and in local currencies, 7%. it did not comment furhter on the quarterly sales.

Budget player H&M last year saw profits tumble as it, seeking to retain its price-sensitive customers, did not fully pass on soaring raw material, freight and energy costs to its price tags.

The group, which is now in the midst of a programme to reduce staff and cut other costs, will publish its full quarterly report on March 31.



Estee Lauder's Longtime CFO Travis to Depart Next Year

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder's Longtime CFO Travis to Depart Next Year

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee Lauder said on Thursday that Tracey Travis would be stepping down and retiring from her 12-year role as the MAC lipstick maker's finance chief, effective June 30, 2025.

The company said a successor for Travis has been identified and will be named in the coming weeks. Travis will work closely with this person to ensure a smooth and successful transition, it added.

Travis, who has been Estee Lauder's CFO since Aug. 2012, had joined the company from Ralph Lauren, where she served as finance chief for over seven years.

Under her leadership, Estee Lauder has significantly strengthened financially, made extensive investments in innovation and digital transformation, and also made several acquisitions of companies including Tom Ford and Deciem, among others.

"Tracey has been instrumental in growing Estee Lauder from a $24 billion market cap company in 2012 to over $135 billion at peak," Jefferies analyst Ashley Helgans said in a note earlier on Thursday.

"A fresh set of eyes on the business could be beneficial given the recent volatility and would allow for the company to reset the growth algorithm," Helgans added.

The company had lowered its annual organic sales estimate in May on persistent softness in mainland China's prestige beauty space, even as a demand rebound for its pricey items in the US and Asia-Pacific markets drove a profit forecast raise.

Shares of Estee Lauder, which have dropped more than 30% this year, were marginally up in after-hours trading.