H&M Group saw stagnant sales during its fourth quarter, following “unusually hot weather”, which hampered sales of its autumn ranges.
The retailer also faced slowed consumer spending and knock-on effects of shops closing in Russia.
The fashion giant posted net sales of almost £5bn (SEK63bn) during its final quarter to November 30.
Net sales at the retailer fell 4% in local currencies year on year.
However, this is an improvement on the 10% sales plunge it experienced in September.
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For H&M’s full year to 30 November, net sales were up 6%, hitting over £18bn (SEK236bn).
The news comes after the business posted “flattish” sales in most local currencies during its third quarter, despite notching up a bigger than expected rise in quarterly profits.
H&M is due to publish its full-year report for its 2023 financial year in January.
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