By Helen Reid and Anna Ringstrom STOCKHOLM (Reuters) -H&M’s local-currency sales fell in the fourth quarter as the Swedish fashion retailer loses ground against Zara owner Inditex, which reported a sales boost earlier this week. H&M’s sales fell 4%, against analysts’ expectations for a 3% decline. It was the biggest drop since the third quarter of last year. Inditex on Wednesday reported a 15% rise in local-currency sales for the nine months through October, and a 14% rise for the following six weeks. However, H&M’s figure was an improvement on the 10% fall it warned of for September, when unu…