The Swedish fashion giant recorded sales of SEK62.5bn (£4.9bn) in the fourth quarter, up 10% year on year and slightly ahead of market expectations of a 9.5% rise. 

Despite this, shares slumped 4.5% in early trading as H&M failed to quite keep pace with rival Inditex, which yesterday reported a 19% increase in net profit in the first three quarters of its financial year, despite sales softening 11% in the final quarter of that period.