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H&M’s like-for-likes drop in March

Swedish fast fashion giant H&M group’s like-for-likes dropped 5% in March but it attributed the fall to strong Easter sales last year.

Total sales increased 2% on the same month last year, as the retailer boosted its global store portfolio from 2,018 to 2,238 stores.

The retailer said: “Sales development in March 2011 should be seen in the light of a very strong sales increase in the corresponding month last year which among other things was affected by a positive Easter effect.”

H&M’s first quarter profits plummeted by 30% as cotton prices soared. The fashion giant’s profits were down to £259m in the 13 weeks to February 28 from £370m in 2010.

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