Fashion chain H&M revealed weaker-than-expected sales after it was hit by Red Sea shipping delays and a late Black Friday.
Net sales across the group were up 1 per cent to 234.5billion Swedish krona (£17.1billion) for the year to last November. But the retailer said sales growth improved in December and January.
Daniel Erver, who was appointed as the Hennes & Mauritz boss last January, said he was confident the group is ‘on the right track’.
Sales increased by 3 per cent, in local currency, to 62.2billion krona (£4.5billion) over the quarter to the end of November.
The company said it opened 88 stores over the year. H&M added that group sales increased by 4 per cent over the two months to January 28 as demand accelerated.
Mr Erver added: ‘During 2024, we made significant improvements.’
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