STOCKHOLM, March 15 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)