Fashion retailer H&M Hennes & Mauritz today (15 August) recorded a 2% increase in July like-for-like sales - while overall sales, which include new stores, jumped 11% over the month.

Bank of America Merrill Lynch analyst Richard Chamberlain said markets like Germany and Sweden were affected by cooler, rainy weather during the month.

"The weather only warmed up toward the end of the month, when more transitional rages were introduced," he said.

"In addition, there was a negative calendar effect in July with the loss of a Friday and Saturday and the addition of a Monday and Tuesday.

"Last year many of H&M's customers would have been paid on Friday 29 July 2011 thus providing them with spending power for the weekend at the end of the month."

The retailer operated 2,603 stores at the end of July, up from 2,306 at the end of July last year.