April 15 - The world's second largest fashion retailer, Hennes & Mauritz said sales in March fell for a sixth month as a long winter added to consumer gloom in Europe, leaving spring clothing on the racks. Hayley Platt reports.
12% is today's daily digit in Europe - the amount like-for-like sales at H&M fell by. It's slightly below analyst's expectations and the Swedish retailer's sixth straight fall in a month. The world's second largest fashion retailer blamed the weather for a 4 percent fall in sales. It said the bitterly cold weather and snow in parts of Europe and America had put customers off buying its spring collection. Last year, when the weather was much warmer, total sales for March rose 26 percent. Still H&M has a long way to catch up with rival Inditex, which owns Zara. It's been aggressively expanding in markets like China to make up for falls in Europe. H&M is expanding too. It already has almost 2,800 stores in 48 countries and plans to open a further 350. It also launched a separate accessories business - & Other Stories - which it hopes will help reverse the company's fortunes.