H&M reports sluggish start to spring sales

LONDON: H&M's sales were up just 1 per cent in March after a weaker-than-expected first quarter, the Swedish fast-fashion retailer reported on Thursday, in a sign of a slow start to its spring and summer season.

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H&M has ramped up marketing spend in a bid to boost its brands but the returns on that investment has been slow to appear in shares. Down 1 per cent since the start of the year, will I per cent early in trading in response to the anaemic sales growth and lower profitability.

“Even if we are taking important steps, we are not satisfied with our results,” H&M's chief executive, Daniel Erver, said in a call with analysts.

“We are still in a high inflation climate where the customers' spending power is limited, so we stay very focused on providing outstanding value for money,” Erver said.