March 15, 2017 / 7:31 AM / 4 months ago

H&M unexpectedly reports a drop in February local-currency sales

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STOCKHOLM, March 15 (Reuters) - Swedish fashion retailer H&M reported on Wednesday a 1 percent drop in local-currency February sales, substantially lagging analysts' expectations for a 6 percent increase.

It was the first time since March 2013 that H&M saw local-currency sales shrink.

H&M said a negative calendar effect due to the leap year of 4 percentage points weighed on sales.

February is the final month of the group's fiscal first quarter. Net quarterly sales were 47.0 billion crowns ($5.25 billion), up from a year-ago 43.7 billion but below a 48.1 billion mean forecast in Reuters' poll of analysts.

$1 = 8.9528 Swedish crowns Reporting by Anna Ringstrom: Editing by Simon Johnson

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