H&Ms total sales grew 10%  in December

H&M's total sales grew 10% in December

Fashion retail giant H&M Group reported total sales, including VAT, up 10% in local currencies during December.

The Swedish-based company added that, when adjusted for calendar effects, total sales rose by just over 12% on the same period last year.

H&M, which has stopped providing like-for-like sales figures, said it had 3,176 stores at 31 December, compared to 2,809 at the end of 2012.

In a note, Richard Chamberlain of BofA Merrill Lynch Global Research estimated that like-for-like sales were probably flat, adding that the analyst had cut its earnings forecast for H&M by about 2%, partly due to currency considerations.

But he said: “We remain positive on H&M for exposure to an improving German consumer trend, an improved offer, likely gross margin upside, e-commerce catch-up.”

H&M is due to release its full-year report on the 2012/13 financial year on 30 January.