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H&M Q1 sales flat in UK

UK sales at Swedish fashion chain H&M were flat for the first three months of the financial year, while group sales rose 18%.

UK sales including VAT were SEK 1.6 billion (£137.9 million) for the period, while total sales were SEK 23.2 bn (£1.9bn) for the three months to February 29. Profit after financial items for the period was up 19% to SEK 2.9bn (£241.1m)

Operating profit was SEK 3.8bn (£316.6m).

The group plans to open 54 stores in the second quarter, mostly in the UK, USA, Spain, Italy and Germany.

Earlier this month, the group acquired Weekday and Monki fashion chains in Sweden.

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