Fashion retailer H & M Hennes & Mauritz AB (publ) on Dec. 17 reported VAT-exclusive sales of 56.43 billion Swedish kronor for its fourth quarter ended Nov. 30, up 12% year over year from 50.41 billion kroner, but missing the S&P Global Market Intelligence consensus estimate of 56.46 billion kronor.

Earlier this year, the Swedish fast-fashion retailer struggled with sales as customers moved away from brick-and-mortar stores and began leaning toward online shopping.

As a result, H&M said it would improve its online sales and launched an e-commerce platform and mobile app. It reported third-quarter sales at 55.82 billion kronor, up 9% year over year.

As of Dec. 14, US $1 was equivalent to 9.08 Swedish kronor.