H&M profits hit by cold weather

Retailer H&M today revealed a 12 per cent drop in sales in March, attributing the decline to unusually cold weather.

The company said that “unusually cold weather and snow in many markets, particularly in Europe and North America” had impacted sales, causing the 12 per cent decrease compared to the same month last year.

The retailer warned that the unusually cold weather has continued into April, primarily in Europe.

H&M has 2,853 stores as of 31 March 2013, compared to 2,517 stores on the same date last year.