Stockholm — Sweden’s H&M, the world’s second-biggest fashion retailer, posted local-currency sales growth for its fiscal first quarter that matched analysts’ forecasts, on Friday, while net sales were slightly higher than expected. Local-currency sales including VAT in the December-February period rose 4% from a year earlier, in line with the mean forecast in a Reuters poll of analysts. That was the third straight quarter with rising local-currency sales. H&M, whose main rival is market leader Inditex, said in a statement net sales excluding VAT were up 10% to 51.0-billion krona ($5.49bn) versus expectations for an 8% rise to 49.9-billion. The company, which is due to publish its full first-quarter earnings report on March 29, did not comment on the figures. H&M has seen profits shrink and inventories bank up in recent years due to slowing footfall at its core brand's stores in the face of a shift online and mounting competition, as well as difficulties in reacting fast enough to de...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now