H&M Blames Late Spring for Weak Sales
The Swedish fashion retailer Hennes & Mauritz has posted first quarter pretext profits in line with expectations.
H&M reported a 20 percent rise in net profits. But February sales were poorer than forecast, up 11 percent year-on-year, compared to an expected 15 percent.
The clothing chain also says March sales are weak in some areas, because of Europe’s late spring.