H&M reports dismal results

HENNES &amp; Mauritz, the world&rsquo;s third-biggest clothing retailer, yesterday reported a bigger-than-expected five per cent year-on-year fall in sales in June.<br /><br />The group&rsquo;s total sales, which include sales in new stores, rose four per cent, underperforming analysts&rsquo; forecast of 8.4 per cent.<br /><br />H&amp;M&rsquo;s dismal trading update is fresh evidence that consumer-facing businesses are still facing a battle in the downturn.<br /><br />The group has moved its summer promotions forward by a month in a bid to attract shoppers.