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H&M UK outperforms Europe

H&M’s UK sales were up 8% in local currency for the first quarter of the year, outperforming its other main markets including Germany, Sweden and France.

UK sales in the three months to February 28 were up 2% to SEK 1.68 billion (£142 million). However, group profits dropped 12% to SEK 3.5bn after gross margin was hit by currency fluctuations.

Total sales rose by 18% to SEK 23.2bn (£1.97bn) but like-for-like sales fell 5%. The Swedish fast-fashion chain will launch a capsule range designed by Matthew Williamson on April 23.

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