H&M sales up despite sagging economy
The Hennes & Mauritz clothing chain reports that its sales grew for a third straight month in July. Total sales, including at newly opened stores, were up by 11 percent, compared to the same month last year.
According to a press release from the world’s second largest fashion retailer, sales at rival stores rose by just 2 percent during that same period.
The results are slightly less than analysts’ expectations, but despite a continued drop in sales in Germany, they reflect a strong demand for budget clothes from austerity-hit shoppers.
At the end of July H&M had 2603 stores in 44 countries, around 300 more than a year ago.