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H&M posts 3% drop in like-for-like sales

Like-for-like sales at H&M dropped 3% in February despite total sales growing by 5%.

The Swedish fast fashion retailer said sales had been negatively affected by the extra day due to the leap year in 2012, which dragged down this year’s results by more than three percentage points.

However, sales in H&M’s first quarter (December 1 to February 28) rose 6% compared to the same quarter last year.

The total number of stores amounted to 2,818 on February 28, 2013 compared to 2,491 the year before.

H&M has had a busy start to the year in London, re-launching its Oxford Street flagship last week and debuting its new format & Other Stories on Regent Street earlier this month.

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