FASHION chain Hennes & Mauritz (H&M) yesterday posted a second consecutive rise in monthly like-for-like sales – sparking hopes of a turnaround.
The figures came after seven months of falling figures last year as the downturn hit the group. The global retailer of mid-range fashions said sales rose one per cent year-on-year in January.
In December, the company posted a three per cent rise in same-store sales, the first positive result since April, and beat expectations for its quarterly earnings. Sydbank analyst Soren Lontoft Hansen said: “This is another positive month, due to the fact that you have easier comparables and due to the fact that it seems that consumers are returning to the stores.
“They’re not power shopping, but at least they are coming back.”
The Swedish chain, the world’s third-largest by revenue behind US-based Gap and Spain’s Inditex, is expanding in Asia, but its largest market remains in Germany.
H&M’s total sales, which includes sales in new stores, rose 11 per cent in January, a little below analysts’ forecasts.