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H&M like-for-likes up 2% in July

H&M defied the economic gloom to post a 2% rise in total like-for-like sales in July.

The retailer said total sales surged 11% compared to July last year.

These latest results showed a slight slowdown in growth as in June the Swedish fashion retailer reported a 3% like-for-like rise as total sales jumped 13%.

The high street chain had 2,603 stores on July 31, a 303 rise compared to the 2,306 on the same date last year.

In June, the Swedish fashion retailer reported better than expected quarterly profits posting a 23% rise in pre-tax profits to 7.1bn kronor (£648m) for the three months to May 31. H&M’s sales for the period, its second quarter, surged 15% to 31.7bn kronor (£2.9bn).

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