SWEDEN: H&M comparable sales flat in May
H&M Hennes & Mauritz recorded flat comparable sales during May, as macroeconomic challenges and poor weather in many of the company's major markets dampened growth.
The company said overall sales increased by 9% during the month to reach SEK36.9bn (US$5.6bn).
Commenting on the results, Bank of America Merrill Lynch analyst Richard Chamberlain said that most markets were positive in May following "a lacklustre March and April with the exception of H&M's most important market Germany which was flat".
He said: "We think macro conditions have been challenging in H&M's major markets and we think weather conditions have been very mixed in Europe and not conducive to young fashion sales," added Chamberlain He added that the results are likely to raise some concerns about additional markdown pressure in the second quarter.
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