Swedish fashion retailer H&M has reported that total sales rose by 3 per cent year-over-year in local currencies in February 2017. This compares to year-over-year sales growth of 8 per cent in January.
Sales in February were negatively impacted by 4 per cent due to a calendar impact, since 2016 was a leap year. It was the first time since March 2013 that H&M saw local-currency sales shrink.
Whereas the total number of stores grew by 10.7 per cent year over year to 4,393, as of February 28.
Sales growth lagged store growth by 766 basis points in February, expanding from the 266-bps difference in January.
H&M also reported total sales rose by 4 per cent year over year in local currencies in Q1 2017, the period from December 1, 2016 to February 28, 2017. During the period, sales including VAT amounted to US $6.0 billion, an increase of 7 per cent year over year, while sales excluding VAT amounted to US $5.2 billion, up 8 per cent year-over-year.