H&M Christmas sales see Q1 turnover rise

The Swedish fashion retailer Hennes & Mauritz (H&M) said a nine per cent increase in sales resulted in first quarter profit of SEK1.78bn (€191.9m), slightly ahead of forecasts and up from the SEK1.68bn (€181.1m) figure in the same period last year.

However, gross margins fell to 53.7% from 54.4% in the three months ending February 28, and H&M said results were also hit by currency translation to the tune of SEK36m (€3.8m).