H&M has reported a worse-than-expected sales rise in November as unusually mild weather weighed on its business on both sides of the Atlantic.
The Swedish fashion retail said group sales rose 4% in November, compared to the same month last year. In October, sales had soared by 12%.
“Sales in November were negatively affected by the unseasonably mild weather in North America and in many of the H&M group’s large sales markets in Europe,” the company said in a statement.
Sales in the quarter to end-November, excluding value-added tax, rose 14% to 48.69 billion. Swedish kronor ($5.75 billion), up from SEK42.64 billion in the same period last year.
Fourth fiscal-quarter sales rose 9% in local currencies.