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H&M Nov comparable sales lag consensus
December 15, 2011 / 7:05 AM / 6 years ago

H&M Nov comparable sales lag consensus

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)

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