Shares in H&M owner Hennes & Mauritz dropped almost 5% on Thursday following underwhelming fourth-quarter figures.
Though sales increased 3% in local currencies to 62.19 billion Swedish krona (£4.53 billion), analysts had expected an increase to 63.48 billion.
Red Sea shipping delays and last year’s later Black Friday were flagged as having hit performance.
For the full year, revenue climbed 1% to 234.58 billion Swedish krona, aided by womenswear and strong online sales.
Operating profit increased 19% to 17.3 billion Swedish krona in the meantime, nudging past analysts’ estimates.
“After one year as chief executive, I’m confident that we are on the right track,” Daniel Ervér said.
He highlighted the opening of 88 stores over the year, adding: “With more than 4,200 stores, upgrading our store portfolio will remain a priority for us.”
Shares fell 4.8% to 146.6 Swedish krona.