mobanmarketFashion chain Hennes & Mauritz said sales in March remained unchanged compared with the same period the year before. Like-for-like sales dropped 8 percent. The company attributed the disappointing results to the cold weather last month. “The start of the season has been delayed due to the cold weather in March,” it said and added that a late Easter had also affected results, mainly in central Europe. H&M has lost its number one slot to Spanish retailer Inditex, owner of Zara. Inditex was not as dependant on Central European sales as H&M is and enjoyed robust sales in a warmer climate.
H&M chief executive Rolf Eriksen has been cutting costs and forming alliances with famous designers in an effort to boost profitability. Last month the company reported a 20.5 percent profit gain in the first quarter, although gross operating margins slipped slightly. At the time it warned that March sales would be weak. Since the end of March, the amount of H&M stores rose to 1,216, up from 1,101 at the same time last year.
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