Summery weather dries up H&M’s sales

 

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The Independent Online

A balmy September across Europe saw shoppers leave autumn fashions on the shelves, leading to a slowdown in sales at the clothing  giant H&M.

Sales at H&M rose just 7 per cent in September, against a near 20 per cent increase in August, putting it on track to be the group’s worst month this year.

The world’s second-biggest fashion retailer still reported  a strong third quarter, with sales up 21 per cent  at 38.8bn Swedish kronor (£3.3bn), while net profits rose 19 per cent to 5.29bn kronor. It  is planning 375 new stores  this year and is stepping up the roll-out of its websites  globally. Next month it opens its first store in the Philippines.

Meanwhile Mitchell & Butlers blamed the teeming rain in August for knocking back pub sales after a World Cup boost in July. The 1,600-strong pub chain said August had been a “difficult” month with consumers “cautious about spending”.

Like-for-like sales in the last nine weeks were up just 0.1 per cent against 0.7 per cent in the first 42 weeks of the year.

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