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H&M says August comparable sales fall 4 pct, blames weather
September 17, 2012 / 6:13 AM / 5 years ago

H&M says August comparable sales fall 4 pct, blames weather

STOCKHOLM, Sept 17 (Reuters) - Hennes & Mauritz, the world’s second-largest fashion retailer, said on Monday sales at stores open a year or more shrank 4 percent in local currencies in August, well below a Reuters poll forecast for 1 percent growth.

“It was primarily the extreme heat wave in a number of European markets in August that affected sales negatively,” H&M said in a statement.

Total sales in August, the last month of the Swedish budget apparel firm’s fiscal third quarter, were up 6 percent from a year earlier, lagging the mean forecast for an 11 percent increase.

Turnover in the full June-August quarter grew 7 percent from a year earlier to 28.8 billion crowns ($4.40 billion), undershooting expectations for a 9 percent rise to 29.5 billion Swedish crowns.

H&M’s regular quarterly earnings report is scheduled for Sept. 27.

$1 = 6.5419 Swedish crowns Reporting by Stockholm Newsroom

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