Swedish fashion giant H&M’s like-for-likes sales dropped 4% in June.

Total group sales rose 5% in local currencies year-on-year.

The fashion group’s first half profits plunged to 9,007m SEK (£875m) from 11,943m SEK (£1.16bn) last year for the six months to May 3.

When it last reported, the retailer said the market was “very challenging” as consumer spending power had decreased due to increasing interest rates, higher energy prices and austerity measures.

H&M now has 2,305 stores, 243 more than the same time a year ago.

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