Retail

H&M sales wide of estimates amid weakened consumer sentiment

Swedish group last year saw profits dive due to soaring costs and weakening consumer sentiment

H&M is due to open a 2,787 square metre flagship childrenswear store at the Clerys Quarter in Dublin this year. Picture: Getty

H&M, the Swedish fashion chain, reported a 12 per cent increase in net sales between December and February while measured in local currencies sales were up 3 per cent, missing analysts’ estimates.

The world's second-biggest fashion retailer said net sales for the period were up 12 per cent from a year earlier to 54.9 billion crowns (€4.9 billion).

In a trading update on Wednesday, the retailer said that, excluding Russia, Belarus and Ukraine, the rise ...