H&M like-for-likes are flat as sales slow in August

H and M sales rose for the nine months to August 31

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Total sales at H&M rose 12% for first nine months of the year, but like for like sales over the period were flat.

Total sales excluding VAT over the period rose rose 12% to SEK 62.2billion (£5.07bn). Profits after financial items were up 9% to SEK 14bn (£1.14bn).

The company said that sales during the third quarter also rose 12% to SEK 20.8bn (£1.7bn), while sales in August were up 8% in local currencies compared to The same month last year.

However H&M said that cutting prices helped boost sales in the third quarter which was affected by weaker retail business in most markets. The result was a 0.4 percentage point drop in gross margin to 60.8%.