STORY: H&M shares were out of fashion with investors Thursday (December 15).

The retailer's stock was down close to 6% by early afternoon after its sales from September to November failed to meet a recent rise in expectations for some analysts.

Net sales were up 10% on the year before and reached $6.1 billion.

But J.P Morgan analysts called the results 'slightly disappointing'.

They said hopes had risen in recent weeks due to better market data from Germany and H&M's home market in Sweden.

Profits won't be revealed until full results for the quarter are released in late January.

The numbers come just a day after H&M's arch-rival - Zara owner Inditex - reported a 19% jump in net profit for February to October.

H&M has struggled to keep pace with its Spanish competition this year.

The firm said during the quarter that up to 50 stores in China were temporarily closed due to health crisis restrictions.

Operations in Russia and Belarus were also wound up.

H&M shares are down by around 36% year to date.