Fashion retailer H&M reports slow start to spring sales

Swedish fast-fashion retailer H&M said yesterday its sales were up just 1% in March after a weaker than expected first quarter, in a sign of a slow start to its spring and summer season.

- HELEN REID

H&M has ramped up investment to speed up its supply chain and has said the returns on that investment have been slow to arrive, with anaemic sales growth and lower profitability.

The company reported sales of 55.3 billion Swedish crowns ($5.32 billion) for the December to February quarter, up 2% in local currencies but below analyst mean estimates of 55.9 billion Swedish crowns. March sales growth was weaker than the 4% increase reported a year ago.