H&M sales warmed by the cold

Kasmira Jefford
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SWEDISH retail giant H&M delivered better-than-expected sales in November as the cold weather prompted shoppers to stock up on winter clothing.

The world’s second largest clothing retailer, which has 3,132 stores worldwide, said yesterday that total sales jumped by 21 per cent in November compared with the same time last year thanks to the “favourable weather”.

Like-for-like sales, which strip out stores open less than a year and include online trading, increased by 10 per cent.

H&M performed well throughout the global downturn, although it was harder hit by the European debt crisis than its larger rival Inditex, which sells more clothes in emerging markets.

The Zara owner said last week that sales growth accelerated to 10 per cent in the first six weeks of the fourth quarter – the run-up to the holiday season – from eight per cent in the first nine months.