Same-store sales drop at H&M

H&M, the world's second-largest clothes retailer, said yesterday that its like-for-like sales fell six per cent in July as it suffered from weak consumer sentiment in Europe, its most profitable region. Sales at the group rose by three per cent in total, but comparables were poor once the 240 new stores opened over the past year were excluded, leading to the retailer's worst same-store sales since April last year.