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H&M like-for-like sales dip 7%

Swedish young fashion chain Hennes & Mauritz (H&M) has reported a 7% drop in like-for-like sales for September.

Total sales increased by 3% during the month. The fast fashion retailer did not reveal profit figures.

In September the retailer revealed that third quarter profits for the three months to August 31 had dipped 15% as economic uncertainty and poor weather kept customers away from stores in some key markets.

H&M said this led to an increase in promotional activity accounting for the dip in profits. The total number of H&M stores in operation worldwide amounted to 2,363 on 30 September 2011 versus 2,111 on 30 September 2010.

The retailer will report its percentage sales for the month of October on November 15.

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