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STOCKHOLM, Sweden —Hennes & Mauritz AB, Europe's second- biggest clothing retailer, reported higher sales than analysts anticipated for April in the best monthly growth this year.
Total revenue including value added tax jumped 17 percent from a year earlier in local currencies, the Stockholm-based retailer said in a statement today. That topped the 10.1 percent gain estimated in a survey of analysts by SME Direkt.
H&M shares have dropped 7.4 percent this year as the retailer is spending on geographical expansion, new selling formats and online commerce. The Swedish retailer last year introduced accessories-focused chain & Other Stories, added its first store in the Southern Hemisphere and started a U.S. Web- based shop after several delays.
The company was operating 3,246 stores at the end of April, up from 2,881 a year earlier.
By Katarina Gustafsson; Editors: David Risser, Tom Lavell, Robert Valpuesta
