STOCKHOLM (Reuters) -Sweden’s H&M, the world’s second-biggest fashion retailer, reported on Tuesday an increase in December through February sales that was in line with expectations.
Net sales in the company’s fiscal first quarter were up 23% year-on-year, or 18% measured in local currencies, at 49.2 billion crowns ($5.13 billion). Analysts polled by Refinitiv had on average forecast sales of 49.1 billion crowns.
H&M did not comment on the figures in the statement.
The retailer said earlier this month it would temporarily close its stores in Russia, which last quarter accounted for 4% of group sales, joining a growing list of international companies shunning the country following its invasion of Ukraine.
H&M will publish its full quarterly earnings report on March. 31. Its biggest rival Inditex, the owner of Zara, is due to report quarterly results on March 16.
($1 = 9.5890 Swedish crowns)
(Reporting by Anna Ringstrom; editing by Niklas Pollard)
