H&M reported a 10% decline in Q1 sales to 49.6 billion Swedish krona ($5.26 billion), largely driven by currency translation effects, though sales in local currencies fell just 1%. The retailer closed 163 stores YoY to end the quarter with 4,050 locations. Operating profit jumped 26% to 1.51 billion krona ($160.1 million), lifting the operating margin to 3%. CEO Daniel Ervér credited good cost control and improved inventory efficiency. For March, H&M expects 1% sales growth in local currencies. Southern Europe was the only region showing positive growth, up 3%.

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