SWEDEN: H&M posts 1% rise in April comp-store sales
Total sales during the month increased 11% year-on-year
Swedish fashion retailer Hennes & Mauritz (H&M) has posted a slight increase in April comparable store sales - putting an end to five months of consecutive revenue declines.
Including VAT, total sales during the month increased 11% year-on-year, while like-for-like sales climbed 1%. However, the company, which operates 2,881 stores, admitted that sales during the first weeks of April were negatively affected by the unseasonably cold weather in Europe.
Bank of America Merrill Lynch analyst Richard Chamberlain said the growth was below expectations of a 12% increase in total sales and a 3% gain in like-for-like sales.
He emphasised that recent soft trading due to poor weather and a tough macro backdrop may lead to further markdown pressure in the second quarter.
"May looks to be stronger looking as industry data suggests some pent-up demand is coming through as temperatures normalise, but there remains the risk of higher markdown in the second quarter due to the soft trend in March and April," he added.
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