H&M said local currency net sales were “flattish” in its second quarter to 31 May which seemed to spark Frasers, Next and JD Sports’ share price to tumble.
Sales for the world’s second-largest fashion retailer, behind Zara owner Inditex, were hampered by “unfavourable weather conditions” compared to the same period last year in some of the group’s largest markets, it said in a short statement.
However, “June has got off to a good start,” providing an upbeat outlook which sent its stock, listed in its native Stockholm, 3% higher to 150 Swedish Krona.
The news didn’t have much positive read across to some of London’s largest fashion retailers, however.
Frasers lost around 2% to 684p, while JD Sports slipped around 1.9% to 145p and Next shed 0.5% to 6,414p.