STOCKHOLM (Reuters) – Sweden’s H&M reported on Friday flat sales in its most recent quarter, lagging expectations as the fashion group struggles to attract customers while the cost of living crisis drags on.
The world’s second biggest fashion retailer said local-currency sales, the figure most closely watched, in the three months from June to August were “flattish” year-on-year, trailing an average 5% growth forecast in a Reuters poll.
H&M’s net sales were up 6% to 60.89 billion Swedish crowns ($5.45 billion), lagging the 63.5 billion predicted by analysts.
($1 = 11.1635 Swedish crowns)
(Reporting by Marie Mannes, editing by Terje Solsvik)
