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H&M sales down 6pc

BUDGET clothing group H&M posted a 6pc drop in sales as weak consumer sentiment hit Europe and Ireland.

The July figure was the biggest monthly sales drop for the Swedish chain since April 2010, when sales in local currencies at established stores were also down 6pc.

The world number two clothes retailer, after Zara parent company Inditex, said total July sales, including stores opened in the past year, were up 3pc in local currencies -- which was the smallest rise since March, missing expectations for a 4.2pc increase.