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Sales up at H&M group despite UK troubles

H&M group has reported net sales were up 12% year on year in the three months to 31 August, despite annual profits falling by 74% at its UK arm.

Group net sales amounted to SEK 62.57bn (£52.23bn) in the third quarter of 2019. Adjusted for local currencies, net sales increased by 8% year on year.

The company said “well-received summer collections and increased market share confirm that the H&M group is on the right track with its transformation work to meet the customers’ ever-increasing expectations.”

The news comes after profits after tax at H&M’s UK arm dropped by 74% to £7.5m for the year to 30 November 2018.

H&M group’s full results will be published 3 October.

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