Regional performance was uneven, which Ervér chalked up to the group being “overly cautious” during the year. The Americas saw sales decline 3 percent in local currency, reflecting intense competition in the mid-market apparel segment. In the United States, the removal of de minimis exemptions that had benefitted ultra-fast, low-cost competitors such as Shein and Temu resulted in consumer demand proving more resilient than expected, creating low stock levels relative to the surge in demand.“We think H&M has ...

核心财务表现 - 公司第三季度运营利润达49亿瑞典克朗（折合5.21亿美元）[2] - 运营利润同比增长40%，并超出分析师预测的37亿瑞典克朗（折合3.93亿美元）[3] - 以当地货币计算的销售额在本季度增长2% [3] 市场反应与业绩展望 - 尽管公司对2025年第四季度因关税影响增加而做出不太积极的预测，但其股价在斯德哥尔摩证券交易所仍上涨10% [3] - 此次季度盈利表现是连续第二个季度超出运营利润预期 [3] 门店网络调整 - 截至8月31日，公司门店总数为4118家，低于去年同期的4298家 [4] - 在本财年前九个月共关闭135家门店（占总数的4%），其中第三季度关闭48家 [6] - 大部分关闭的门店为H&M和Monki品牌，位于欧洲、亚洲、大洋洲和非洲，而南北美洲仅关闭5家门店 [6] - 公司同时指出其在巴西新开设的首家门店市场反响良好，表明调整并非完全出于收缩计划 [6]