Sales at H&M fell 3 per cent on a like-for-like basis in July compared to a 3 per cent increase for the same month last year.

Total sales for the Swedish fashion group grew 7 per cent in local currencies for the month.

“This is slightly worse than expected but no drama,” one analyst told Reuters. “H&M is not as active as its competitors when it comes to markdowns, which is bad for like-for-like sales but good for margins.”

On July 31 H&M had 1,828 stores worldwide compared to 1,601 on July 31.

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