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H&M reports muted second quarter

H&M has reported another muted set of monthly sales figures, reporting flat like-for-likes throughout May.

Total sales in local currencies, including VAT, rose 9% compared to the same time last year.

This continues a pattern that has emerged throughout this year, with like-for-likes down 4% in the three months from March 1.

H&M like-for-likes fell 12% in March and rose just 1% in April

Total sales grew by 5% to SEK31.6bn (£3.1bn) over the quarter.

H&M said there had been “substantial negative currency translation effects as a result of the continued strengthening of the Swedish krona against most countries’ currencies”.

It has also previously blamed the weather for poor performances in spring.

Yesterday H&M unveiled Isabel Marant as the latest big name designer to create a collaboration for the young fashion retailer.

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