STOCKHOLM, March 15 ― H&M, the world's second-biggest fashion retailer, reported today a 12 per cent increase in December-February net sales while, measured in local currencies, sales were up 3 per cent.
The Swedish group said net sales for the period, its fiscal first quarter, were up 12 per cent from a year earlier to 54.9 billion crowns (RM23.5 billion). Analysts polled by Refinitiv had on average forecast an 11 per cent 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 per cent, and in local currencies, 7 per cent. It did not comment further 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. ― Reuters
