H&M sales drop less than expected

H&M, the world’s second-biggest fashion retailer, yesterday posted a smaller-than-expected two per cent drop in December sales at stores open a year or more. Total sales in December, the first month of the Swedish budget apparel firm’s fiscal year, were up eight per cent from a year earlier in local currencies, beating a forecast for a five per cent increase. H&M shares closed up 3.6 per cent.