H&M sales soar but shares slip on concern about Ukraine war impact

H&M earlier this month temporarily closed its stores in Russia, which last quarter accounted for 4% of group sales

H&M reported a 23% rise in first quarter sales on Tuesday, which was in line with market expectations, as the world's second-biggest fashion retailer attempts to build on its recovery from the COVID-19 pandemic.

Shares in Sweden's H&M, which did not give any comment in its statement, were down 3% in early trade as analysts focused on the potential impact of the Ukraine crisis on its business in Central and Eastern Europe and wider global repurcussions.

Net sales in H&M's fiscal first quarter from December through February, its seasonally slowest, were up by 18% in local currency terms, at 49.2 billion crowns