H&M Reports a Weak Start to the Year as Sales Disappoint

Swedish fast-fashion retailer Hennes & Mauritz AB’s first-quarter sales fell short of expectations in a period plagued by weak consumption and large currency effects.

Net sales in local currencies slid 1% to 49.6 billion kronor ($5.3 billion), compared with forecasts of 50.46 billion kronor. Cost controls helped the company beat operating profit estimates, and H&M said sales in March are expected to increase by 1% in local currencies compared with the same month in the previous year.