Her & amp; Mauritz posted an operating profit of 3.27 billion kronor for the first quarter of the split financial year 2015/2016.
Analysts had expected an operating profit on average 3.089 billion crowns.
Gross margin was 52 , 0 percent, compared to the expected 51.4 percent.
Significantly lower sales than expected
Her & amp; Mauritz sales rose by 2 percent in March, compared with the same month last year when sales growth was 10 percent.
The sales figure is at constant exchange rates and including VAT.
According to SME Direkt had analysts on average calculated that total sales would increase by 10.9 percent.
“Last year in March had favorable weather conditions for the season, while it has been the reverse of this year,” writes the H & amp; M in the report, noting that sales in March, April and May should be viewed together because of variations in the weather and time of year Easter falls.
a late Easter is better for the company than an early one, it is said regarding the latter. This year, Easter fell relatively early and in March.
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