PARIS — Hennes & Mauritz AB said sales in comparable units fell by 10 percent in April due to bad weather and “a very negative” calendar effect.
Group sales including VAT in local currencies were down by 1 percent compared to April 2011. In the same month last year, H&M had reported sales in comparable units were up 11 percent, and sales in local currencies jumped 21 percent.
The Swedish fast-fashion giant had warned last month that the calendar effects which boosted sales in March would be reversed in April. Nils Vinge, head of investor relations at H&M, said at the time that April would count a Sunday and Monday, traditionally the weakest trading days, in place of a Friday and Saturday.
RELATED STORY: H&M Expanding in Texas >>
The store count stood at 2,549 on April 30 versus 2,264 stores on April 30, 2011.