H&M sales ‘fall short’ of estimates

Sales at H&M have declined more than predicted over the past three months due to the cost-of-living crisis.

In the retailer’s latest financial results, it said that net sales decreased in local currencies by four per cent.

Analysts had expected a drop of 1.4 per cent, according to a report by The Independent.

H&M said that the third quarter had got off to a weak start, but sales picked up during the quarter with the launch of the autumn collection.

The news comes as the owner of Zara, Inditex, announced a 29 per cent increase in sales over the past six months.

Earlier this year, H&M withdrew its business from Russia, resulting in costs of around £160 million.

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