Belfast Telegraph

Fashion giant H&M suffers slower sales

By Holly Williams

Fashion chain H&M has reported slowing sales growth after it faced a tough start to May across a number of its international markets.

The retail giant, which has around eight stores in Northern Ireland, said sales rose by 4% last month on a constant currency basis.

That was down from growth of 7% in April.

This left overall second-quarter sales growth to the end of May at 5%.

But H&M was boosted as currency movements flattered its earnings, with total second quarter sales excluding VAT up 10% at 51.4bn Swedish crowns (£4.6bn).

H&M, which has nearly 4,500 stores worldwide, said: "In the first half of the month sales were affected by tough market conditions in several countries.

"(However) sales improved considerably in the second half of the month."

Belfast Telegraph