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Sales flat at H&M

H&M has reported flat sales for the first quarter of its financial year despite an increase in store numbers compared to last year.

The Swedish retailer recorded SEK 46.2bn (£4.06bn) of sales excluding VAT during the three months to 28 February, compared to sales of SEK 47bn (£4.13bn) last year.

The total number of stores at the end of the period was 4,743, compared to 4,393 stores at the same time last year.

In December H&M revealed it would be shutting stores after an unexpected drop in fourth quarter sales, which were significantly below its own expectations.

The retailer is recording weak sales in the physical stores of its core H&M brand on the back of reduced footfall.

 

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