H&M: quarterly sales disappoint; shares fall
(CercleFinance.com) - Sales at Hennes & Mauritz's stores rose by 2% to 60.
5 million Swedish kronor in the second-quarter ended 31 May, the fashion retailer said on Friday.
However, sales at the Swedish group's stores were unchanged in local currency, against an average forecast of a 2% rise.
Analysts at Bryan Garnier said the numbers showed no acceleration from the first quarter.
"Ahead of first-half results on 28th June, question marks remain on margins and inventory levels as management was not expecting any major improvement before second-half", they commented.
Shares in the budget apparel retailer are currently down 4%, significantly underperforming the STOXX Europe 600 retail index, which itself is down just 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5 million Swedish kronor in the second-quarter ended 31 May, the fashion retailer said on Friday.
However, sales at the Swedish group's stores were unchanged in local currency, against an average forecast of a 2% rise.
Analysts at Bryan Garnier said the numbers showed no acceleration from the first quarter.
"Ahead of first-half results on 28th June, question marks remain on margins and inventory levels as management was not expecting any major improvement before second-half", they commented.
Shares in the budget apparel retailer are currently down 4%, significantly underperforming the STOXX Europe 600 retail index, which itself is down just 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.