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%.

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