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H&M posts postitive growth for January

Swedish young fashion chain Hennes & Mauritz (H&M) has reported a 3% rise in like-for-like sales for January.

Total sales during the month increased by 12% compared to January last year. On January 31 the retailer has 2,488 stores compared to 2,210 the year before.

In December like-for-like sales rose 4% with total sales up 13%.

Last month H&M reported that its profits for its fourth quarter dropped 2.4% as the retailer experienced one of the “toughest years for a long time for the fashion retail industry”.

For the three months to November 30 net profit slipped 2.4% to 5.36bn kronor (£505m) from 5.49bn kronor (£517m) a year earlier. Fourth quarter revenue, excluding VAT, was 30.95bn kronor (£2.91bn), up from 29.71bn kronor (£2.80bn) last year.

The retailer will report its percentage sales for February on March 15.

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