H&M on the rise during August

Michael Bow
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HIGH street clothes giant H&M yesterday beat expectations to deliver like-for-like sales growth of four per cent for August in stores open at least one year.

The retailer, which has lucrative clothing tie-ups with stars including Beyonce, saw shares jump to a record high after reporting total sales were up 14 per cent in local currencies in August.

Sales excluding VAT came to 32bn Swedish kronor (£3bn) between June and August.

Clothing retailers have had tough times in Europe as consumers have been reluctant to spend in the face of economic uncertainty.

Shares closed up four per cent at 259.20 kroner.