independent

Wednesday 16 April 2014

H&M slides after reporting fall in October same-store sales

SHARES in H&M, the second-largest European clothing retailer, fell to their lowest since June in Stockholm after October sales missed estimates.

The shares fell as much as 2.8pc to 213.5 krona (€24.7). They've slid 3.3pc this year compared with a 5.7pc increase for Sweden's benchmark stock index, the OMX Stockholm 30 Index.

Sales at stores open a year or more slid 5pc last month, H&M said yesterday.

Richard Edwards, an analyst at Citigroup in London, had anticipated sales on the same basis would be unchanged.

Revenue at local currency rates rose 4pc compared with Edwards' 10pc estimate and the 9.3pc average estimate in an SME Direkt poll.

Third-quarter profit missed estimates at the Stockholm-based company as consumers increasingly turn to competitor Inditex, owner of the Zara chain. (Bloomberg)

Irish Independent

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