H&M records 11-month sales high
Fashion retailer Hennes & Mauritz said sales at stores open at least a year rose a slightly more-than-expected 4pc in August, the biggest rise in 11 months. Total sales in August – the final month of H&M's fiscal third quarter – were up 14pc in local currencies, above a forecast of 13pc.
Net quarterly sales, excluding sales tax, totalled 32bn Swedish krona (€3.7bn), compared with a forecast of 31.8bn krona and up from a year-earlier 28.8bn krona.
Clothing retailers have had tough times in Europe as consumers have been reluctant to spend in the face of economic uncertainty. H&M saw sales in stores open a year or more fall each month from October 2012 through March this year. Like-for-like sales have stabilised since then, although they fell again unexpectedly in July.