For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails Email * SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our Privacy noticeFast fashion retail giant H&M has brushed off a “challenging environment” to deliver a jump in annual earnings, but revealed a recent sales slowdown amid subdued shopper demand over Christmas. But it cautioned that it expects net sales in local currencies to drop 2% year-on-year in the two months to the end of January. Robyn Duffy, consumer markets senior analyst at RSM UK, said the annual profit rise was better than forecast. “H&M’s fourth quarter performance marks a clear inflection in profitability, with margin discipline and cost control delivering a meaningful earnings beat despite uneven demand.