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