COPENHAGEN—Shares in H&M, the world’s second-biggest fashion retailer, fell 4.5 percent in early Thursday trade as a 10 percent rise in net sales in the September–November quarter failed to match a recent pick up in some analysts’ expectations.
H&M, which has struggled to keep up with bigger rival Zara, last month became the first big European retailer to lay off staff in response to the cost-of-living crisis as it tries to save 2 billion Swedish crowns ($196 million) a year.
Net sales for September–November, H&M’s fiscal fourth quarter, reached 62.5 billion crowns ($6.1 billion), up from 56.8 billion crowns a year ago. Analysts polled by Refinitiv had on average forecast 62.17 billion crowns….