Swedish fashion giant H&M’s like-for-likes sales dropped 4% in June.
Total group sales rose 5% in local currencies year-on-year.
The fashion group’s first half profits plunged to 9,007m SEK (£875m) from 11,943m SEK (£1.16bn) last year for the six months to May 3.
When it last reported, the retailer said the market was “very challenging” as consumer spending power had decreased due to increasing interest rates, higher energy prices and austerity measures.
H&M now has 2,305 stores, 243 more than the same time a year ago.
You might also like...
H&M like-for-like sales dip 7%
Swedish young fashion chain Hennes & Mauritz (H&M) has reported a 7% drop in like-for-like sales for September.
H&M group's full-year sales rise
H&M group’s sales including VAT grew 5% to SEK 244.3bn (£21.4bn) in the year to 30 November 2018, amid “rapid changes” in the fashion industry.
Drapers Awards 2018 winners revealed
Primark triumphed at the Drapers Awards 2018, picking up two awards for Fashion Retail Business of the Year (£500m+ turnover) and Best Use of Influencer Marketing for its Alice Liveing Workout Collection.
Black Friday 2018 deal tracker: the latest discounts
In the week leading up to Black Friday, one by one retailers are unveiling their discounts. Drapers brings you a roundup of the latest offers.
London Fashion Week Men's new home is a hit
Buyers, designers and the Drapers team braved plunging temperatures in the capital this week for the autumn 19 edition of London Fashion Week Men’s (LFWM), which settled into its new home in east London.
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.