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July sales drop at H&M

Like-for-like sales at H&M dropped in July, with only the growing retail presence adding to the Swedish retailer’s top line.

The high street chain delivered a 9% increase in total sales as like-for-like revenues fell by 1%.

This follows a 3% increase in sales in June, which was the first improvement in figures for H&M this year.

The retailer reported no growth in like-for-like sales during May and just a 1% rise in April. The previous three months delivered declines in like-for-like sales.

H&M continued to grow its retail footprint with the total number of stores standing at 2,940 on July 31 compared to 2,603 on the same date last year.

In May H&M revealed a 10.8% decline in profits to SEK4.66bn (£464m) in the three months to May 31, as a result of ‘unsatisfactory’ sales.

Revenues for the second quarter dipped 0.1% to SEK31.64bn (£3.1bn), while sales in local currencies increased by 5%. Like-for-likes decreased by 4%.

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