Hennes & Mauritz AB’s sales fell in the fourth quarter in local currencies by more than analysts had expected.
The world's second-biggest listed fashion retailer after Inditex said group net sales decreased by 4% in local currencies compared with the corresponding quarter last year, a bigger decline than the 3% expected.
The decline is the biggest since the third quarter of 2022 when it was also 4%.
Excluding Russia and Belarus, the Swedish retailer said sales decreased by 1% in local currencies.
Last year, sales were boosted by a temporary reopening in Russia before the retailer permanently discontinued operations in the country.
Zara-owner Inditex on Wednesday reported a 15% rise in local-currency sales for the nine months through October, and a 14% rise for the following six weeks.
It reported a jump in nine-month profit and raised its margin outlook.