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Daily digit: Shock shrink in H&M sales

Wednesday, November 14, 2012 - 00:43

Nov.15 - The world's second largest fashion retailer reported an unexpected 5% fall in comparable sales in October, for stores open longer than a year. Analysts blame the euro zone crisis and warmer weather. Joanne Nicholson reports

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Five percent is today's daily digit in Europe. That's how much sales at the world's second largest fashion retailer, H&M, fell in October - at stores that have been open for more than a year. The Swedish chain posted a 6 percent RISE in sales for September. The crisis in Europe is the route cause of the weak figures, and it's in Europe where H&M does most of its business. Analysts say an unusually warm autumn is also to blame. The figures were boosted by new stores - but at four percent even total sales were well down on 9% expectations. H&M has opened 300 stores since October last year . Its latest designer collection - a collaboration with French fashion house Maison Martin Margiela - was launched as results came out and was heading for a sell out. But shares were down three and a half percent after the five per cent drop was released.

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Daily digit: Shock shrink in H&M sales

Wednesday, November 14, 2012 - 00:43