Fashion chain H&M said the cold weather has held back sales of its spring collections.
The Swedish giant, which owns Cos and Monki as well as H&M, said demand was hit by ‘a later start to the spring’ in many countries, including Britain.
But the world’s second-largest fashion retailer posted an unexpected profit of £56.3million for its first quarter, up from £35.6million a year earlier, thanks to its resale platform Sellpy.
Cold start: H&M, which owns Cos and Monki as well as H&M, said demand was hit by ‘a later start to the spring’ in many countries, including Britain
The retailer said: ‘Things are always volatile at this time of year depending on when spring arrives.’
Sales for western Europe were up 9c for the three months to 28 February. Globally, sales rose 3 per cent.
H&M’s Stockholm-listed shares soared 16 per cent.
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