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Sales improve at H&M

Sales at H&M have improved in the three months to August 31, despite an overall drop in sales for the first nine months of the year.

Like-for-like sales in the third quarter were up 2% following “well received summer collections” at the retail chain.

Gross profit for the group for the period totalled SEK 18,828 m (£1.8b) while the group’s profit after tax was SEK 4,431 m (£429m).

However, like-for-like sales for the nine months to August 31 decreased by 2% to SEK 92,067m (£8.9bn).

Only the months of June and August showed positive sales figures so far in 2013, up 3% and 4% respectively.

Karl-Johan Peon, chief executive at the H&M said: “Our well received summer collections have resulted in strong sales development in the quarter, particularly in Asia but also in a number of European markets. We have also seen the very successful launch of our online store in the US in August and can see that our offering stands up well in the world’s largest online market.”

H&M has opened 215 new stores so far in 2013 including moving into Chile, Lithuania, Serbia and Estonia for the first time.

The chain will launch in Indonesia next month and Melbourne, Australia in the first half of 2014. It also plans to branch into South Africa in 2015.

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