H & M: March LFL sales -12%

SELL, Fair Value SEK225 (-2%)

News published on April Monday 15, 2013
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LFL sales dropped 12% in March vs. a consensus est. of a 10% decline (with a range of -17% to -5%). Total FX-neutral sales declined 4% in March, with 8% space contribution. As a reminder, management had warned during the Q1 13 results release that March sales would be negatively impacted by the tough comparison base (+16% LFL in March 2012), as well as the unusually cold weather in Europe and North America. In the press release today, management also indicated that the unusually cold weather had continued in April, primarily in Europe.

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