H&M announces 10 per cent sales increase for July

 
Helen Cahill
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H&M Sees First Quarter Earnings Surge
The retailer has recovered from difficulties earlier this year (Source: Getty)

H&M announced today that sales increased by 10 per cent in local currencies during July 2016 as compared to the same month last year.

The company's shares were up 2.14 per cent in afternoon trading to SKr277.30.

The fashion retailer, which targets young people globally, was struggling earlier this year due to the strength of the dollar. Its pre-tax profits fell by 17 per cent in the three months to 31 March.

Read more: H&M's sales struggle as Swedish retailer is hit by stronger dollar

The Swedish group purchases much of its materials in dollars, pushing up costs. It also blamed bad weather for flagging demand for clothes at the beginning of the year.

In particular, demand in Germany was flat – one of H&M's biggest markets.

The retailer – which also owns brands such as Cos and & Other Stories – said on 31 July it had a store portfolio of 4,105 outlets, up from 3,649 stores at the same time last year.

A report on the fast-fashion group's financial affairs during the period from 1 December 2015 until 31 August this year will be published at the end of September.

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