Reuters - Video

Edition: US | UK | IN | CN | JP

Finance Videos

Daily Digit: H&M February sales dip

Friday, March 15, 2013 - 00:52

March 15 - Budget fashion retailer Hennes & Mauritz says its like for like sales were down 3% in February compared to last year, blaming the calendar affects of an extra day in 2012. Joel Flynn reports.

▲ Hide Transcript

View Transcript

3% is today's Daily Digit in Europe - the amount sales were down in February at fashion retailer H&M. The world's second largest fashion retailer blamed a missing day for the drop, 2012 was a leap year. But it's the fifth straight month of falling sales. And total sales, although up 5 percent, also missed forecasts of 7 percent. H&M's been hit by weak consumer spending in Europe, where most of its business is. But rival Inditex, which owns Zara, has bucked this trend. Its been aggressively expanding in markets like China to make up for falls in Europe. H&M says it will open 325 stores this year, many of them in China and the U.S. It's shares were down 1 percent on the news, a drop of nearly 8 percent from a year ago - Inditex's seen its shares gain 50 percent over the same period.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Daily Digit: H&M February sales dip

Friday, March 15, 2013 - 00:52