Hennes & Mauritz February Sales Surge 11%

Swedish retailer Hennes & Mauritz AB HNNMY reported an 11% gain in its total sales, including VAT, in February. Analysts were estimating a 13.8% gain in sales. The total number of stores rose 13.3% y/y. Hennes & Mauritz's sales including VAT climbed 13% to SEK37.52 billion in the first quarter versus SEK33.15 billion. However, quarterly sales excluding VAT surged to SEK32.14 billion versus SEK28.39 billion. Hennes & Mauritz shares closed at $8.75 on Friday.