SWEDEN: H&M July sales increase 9%
Clothing retailer H&M has recorded a 9% year-on-year increase in July sales, as comparable sales fell 1% over the month.
Commenting on the results, Bank of America Merrill Lynch analyst Richard Chamberlain said: "As so often happens after a good month, H&M's sales fell back in July, but should regain momentum from August owing to the recent US online launch and it remains on course to post a positive like-for-like for the third quarter as a whole."
He said that Germany and France were down 1% for the month, Sweden grew 4%, the UK market was up, and US speciality apparel comparable sales have been in the 1-3% range.
Hot weather would have also impacted footfall in some of the retailer's major markets, and sales would have also take a breather after a stronger, promotion driven June, Chamberlain added.
The retailer said the total number of stores amounted to 2,940 at the end of July, compared to 2,603 at the same time last year.
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