Swedish fashion giant H&M’s like-for-like sales dropped by 6% in July despite overall sales rising.
Group total sales including VAT rose by 3% in local currencies compared to July last year. The retailers store portfolio was at 2,306 on July 31, whereas in the previous year it was 2,066.
In June it was reported that H&M’s first half profits plunged as cotton prices and sourcing inflation soared.
Operating profit plummeted to 9,007m SEK (£875m) from 11,943m SEK (£1.16bn) last year for the six months to May 31, despite sales edging up to 52,135m SEK (£5.06bn).