UPDATE 2-H&M March sales undershoot, blames weather and Easter
[2008-4-16]
Swedish fashion retailer Hennes & Mauritz (HMb.ST: Quote, Profile, Research) on Tuesday reported overall sales in March up 3 percent but turnover in established stores down 8 percent, both figures well below market expectations.
The outcome compares with a mean forecast in a Reuters poll of a rise of 7.8 percent in total sales and a fall of 4.1 percent in stores open a year or more.
The March figures are the first sign that Sweden's largest company, and the world's third largest clothing firm by sales, may be feeling the effects of a worsening global economic outlook that has dampened shoppers' appetite.
Analysts accepted the company's explanation that results were hit by poor spring weather and the effect of fewer store opening days due to the Easter holidays.
"I don't think that these are catastrophic figures. I had expected a weak development," said Carl Eckerdal, analyst at ABN AMRO.
"In April, you will have positive calender effects which will be good for sales figures. In addition, you have slightly better weather. So then you have the two months balancing each other out."
The outcome compares with a mean forecast in a Reuters poll of a rise of 7.8 percent in total sales and a fall of 4.1 percent in stores open a year or more.
The March figures are the first sign that Sweden's largest company, and the world's third largest clothing firm by sales, may be feeling the effects of a worsening global economic outlook that has dampened shoppers' appetite.
Analysts accepted the company's explanation that results were hit by poor spring weather and the effect of fewer store opening days due to the Easter holidays.
"I don't think that these are catastrophic figures. I had expected a weak development," said Carl Eckerdal, analyst at ABN AMRO.
"In April, you will have positive calender effects which will be good for sales figures. In addition, you have slightly better weather. So then you have the two months balancing each other out."
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