For the month of February, sales including VAT increased by 3%

For the month of February, sales including VAT increased by 3%

Swedish fashion giant Hennes & Maurtiz (H&M) has posted another sales increase in February, albeit lower than the retailer has seen in recent months.

The company said sales, including VAT, increased by 3% in local currencies during the period, compared to the same month last year. Sales for the month were negatively affected by approximately 4 percentage points since February 2017 had one day less than February 2016, which was a leap year.

In January, growth climbed to 8%, which was higher than the 6% the retailer saw in December but lower than a 9% increase in November.

The results mean H&M has not reported a decline since March 2013, and marks the 47th consecutive month of growth. 

Meanwhile, the total number of stores rose from 3,970 to 4,393 over the year.

In the first quarter of 2017, H&M saw group's sales, including VAT, reach SEK54.37bn (US$6bn), an increase of 7% in the prior year quarter. In local currencies, sales including VAT increased by 4%.

The retailer will release its three-month report, covering the period from 1 December 2016 to 28 February 2017, on 30 March.