H&M posts higher quarterly sales but shares slip

Shares in H&M, the world’s second-biggest fashion retailer, fell almost 6% on Thursday as net sales for the September-November quarter failed to match a recent pick up in some analysts’ expectations.

It comes weeks after the retailer confirmed plans to cut 1,500 head office jobs globally as part of cost-cutting plans.

The group said net sales increased by 10% to 62.4 billion Swedish krona (£4.9 billion) over the three months to November 30, compared with the same period last year.

The retailer wound down its business in Russia and Belarus during the quarter, with the remaining stock sold off and last shops closed on November 30.

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