STOCKHOLM, Dec 15 (Reuters) - Sweden’s Hennes & Mauritz, the world’s second-biggest apparel retailer, posted on Thursday a one percent drop in local-currency turnover at established stores in November, missing a consensus forecast for a narrow rise.
Analysts in a Reuters poll had predicted a year-on-year rise of 0.4 percent in the stores open a year or more, with forecasts ranging from minus 4 to plus 4 percent.
In October, like-for-like sales were down 2 percent.
Including new stores, the budget fashion maker’s sales were up 9 percent, missing an expected 10.2 percent rise.
Net sales for the September-November period, H&M’s fiscal fourth quarter, landed at 30.9 billion Swedish crowns ($4.4 billion), against a forecast for 31.4 billion. ($1 = 7.0180 Swedish crowns) (Reporting by Veronica Ek)