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H&M sales dive in March

Swedish fashion giant H&M saw like-for-like sales drop 8% last month, compared to a 10% increase the previous month.

Total sales in local currencies for the month were up 3% compared to March of last year, but comparable store sales - sales at stores and websites which have been in operation for a least a financial year - dropped 8%.

This compares with a 10% increase in comparable store sales in February, when total sales were up 24%.

The company said that severe weather conditions in some of its markets had hit trading. In a trading update released today, it said: "The late spring in combination with calendar effects have had a negative impact on sales in March".

H&M had 1,546 stores at March 31.

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