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Recession-hit budget shoppers

H&M sales up despite sagging economy

Published onsdag 15 augusti 2012 kl 10.38

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.

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