H&Ms sales increased 11% in September

H&M's sales increased 11% in September

Swedish fashion giant H&M has bounced back from weak sales growth in August to book a double-digit hike in September.  

Sales, including VAT, increased 11% in local currencies for the period ending 30 September, compared to the same month last year. This was in marked contrast to the 1% rise the group posted for August – its weakest growth in more than two years, weighed down by unseasonably warm weather in many European markets. It also marked H&M's 30th consecutive month of growth, after reporting a 4% decline in March 2013. 

Stifel analyst Richard Jaffe said H&M's sales were relatively in-line with expectations, adding: "We believe a return to more seasonable weather, favorable customer response to the company’s trend-right, value priced merchandise and the positive benefit of a weakening Swedish krona against most countries’ currencies drove sales in the month."

The owner of the H&M, Cos, Monki, Weekday, Cheap Monday, and & Other Stories banners, operated 3,733 stores at the end of the month, up from 3,338 a year ago. 

Earlier this month, H&M opened its first store in India, with a second scheduled for the end of October. The retailer plans to 50 stores in the country over the next five years, including its first in Bangalore next year.