H&M Sees Increased Sales
Swedish clothing chain Hennes & Mauritz—better known as H&M—has enjoyed a sales increase of 4% in June, compared to the same month last year. But this is only half of the 8% increase that analysts had predicted, according to Swedish news agency TT.
Analyst Rolf Karp thinks that the missed mark may stem from the fact that H&M did not promote large sales events, which other more financially insecure clothing stores began offering in early June.
In other economics news, Swedish newspaper Svenska Dagbladet reports that Swedish streaming music service Spotify will soon have a major competitor—Microsoft. The computer giant has just announced its entry into the streaming music business, noting that after detailed research of their competitors, their service will be very similar to Spotify.