July growth for H&M

Hennes & Mauritz has increased turnover by 12 per cent in July, compared with the corresponding period last year.

The Swedish fashion chain does not break down sales into separate countries, but it has enjoyed steady growth at a time when other fashion retailers across its markets in Europe have revealed tough trading conditions.

However, July yielded the lowest rate of growth for H&M since February and nearly half the retailer's growth high of 20 per cent year on year, experienced in March.

On June 22, the retailer revealed a group profit for the second quarter from December 1 to May 31 of SEK 3.85 billion (£283 million) after tax. Turnover for the second quarter excluding VAT amounted to SEK 15.49 billion (£1.14 billion), an increase of 17 per cent compared with the previous year.