“In local currencies” means the numbers are calculated as if exchange rates had not moved. It isolates how shops really traded, country by country.
「按当地货币计算」
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| +0.3% | H&M: operating profit jumps 23% as cost control pays off 「按当地货币计算」 · 第 2 张术语卡 | The report gives both numbers side by side: reported +0.3%, local-currency +1%. Whenever you see a gap like that, currency translation is in it. 为什么公司爱强调这个口径：H&M 在几十个国家做生意，收入用当地货币赚、报表用瑞典克朗记。
瑞典克朗升值时，海外收入折算回本币会「缩水」，报告口径看着差，但门店生意其实没变差 —— 反之亦然。 |