H&M’s July sales defy gloom

Hennes & Mauritz (H&M), the Swedish clothing giant, said sales grew for a third consecutive month in July. The upbeat results came despite gloom in its biggest market Germany, in a sign of robust demand for cheap fashion from cash-strapped shoppers. Sales at stores open a year or more rose two per cent in local currencies in the period, compared with a forecast for 2.7 per cent. The world’s second largest clothing chain said total sales, including new stores, were up 11 per cent.