Fashion retailer H&M’s December-February local-currency sales up 3%

STOCKHOLM (Reuters) -H&M, the world’s second-biggest fashion retailer, reported on Wednesday a 12% increase in December-February net sales while, measured in local currencies, sales were up 3%.

The Swedish group said net sales for the period, its fiscal first quarter, were up 12% from a year earlier to 54.9 billion crowns ($5.26 billion). Analysts polled by Refinitiv had on average forecast an 11% rise in net sales to 54.4 billion crowns.

It said in a statement that excluding Russia, Belarus and Ukraine the rise in net sales was 16%, and in local currencies, 7%. it did not comment furhter on the quarterly sales.

Budget player H&M last year saw profits tumble as it, seeking to retain its price-sensitive customers, did not fully pass on soaring raw material, freight and energy costs to its price tags.

The group, which is now in the midst of a programme to reduce staff and cut other costs, will publish its full quarterly report on March 31.