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H&M reports dismal results
HENNES & Mauritz, the world’s third-biggest clothing retailer, yesterday reported a bigger-than-expected five per cent year-on-year fall in sales in June.
The group’s total sales, which include sales in new stores, rose four per cent, underperforming analysts’ forecast of 8.4 per cent.
H&M’s dismal trading update is fresh evidence that consumer-facing businesses are still facing a battle in the downturn.
The group has moved its summer promotions forward by a month in a bid to attract shoppers.