// H&M reports that first quarter sales were in line with expectations
// Net sales in the retailer’s first quarter were up 23% year-on-year
H&M, the world’s second biggest fashion retailer, sales rose 23% in its first quarter.
The retailer said that sales for the quarter to February 28 increased 23% year on year to 49.17 billion Swedish kronor (£3.93 billion), while net sales in local currencies rose by 18%. This is in line with analyst expectations.
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The retailer said earlier this month it would temporarily close its stores in Russia joining a growing list of international big name brands shunning the country following its invasion of Ukraine.
The business has around 4,800 stores globally, of which around 170 are in Russia, making it H&M’s sixth largest market and contributed 3.6% of group sales in the fourth quarter.
H&M is set to publish its full quarterly earnings report on 31 March.
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