H&M sales fall in March

Stockholm, Sweden Swedish fashion giant Hennes & Mauritz on Wednesday reported a bigger-than-expected 3% fall in same-store sales in March.

Analysts said the Easter holiday, which fell in March a year ago, made for a tough comparison this year, adding that an economic downturn made it less certain that sales would rebound in the coming months.

H&M only gives round numbers for sales and does not give currency figures. Total sales for the month were up 6% from a year ago vs. a forecast of a 9.7% rise.

H&M, the world's third-largest clothing retailer by sales after Gap and Zara owner Inditex, posted a surprise 13% fall in first-quarter pre-tax profit last month due to unfavorable currency swings.

But with a stronger Swedish crown, the exchange rate may work in H&M's favor in the second quarter while new store openings could also help.