H&M sees sales dip as growth streak stutters

SWEDISH fashion chain Hennes & Mauritz yesterday reported a worse-than-expected six per cent fall in same store sales for April.

The retailer, which specialises in fashionable clothes for customers on a budget, faced a tough comparison year on year.

Total sales were up four per cent, compared with a 6.1 per cent rise predicted by analysts.

H&M started its financial year well with three consecutive monthly rises in same-store sales, including December, which marked the end of a seven-month downturn last year. “H&M had an extremely strong April last year and had a negative calendar effect,” said Anders Wiklund, an analyst at Evli.