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H&M October Sales Lag, Blames Recession

Published: Monday, 16 Nov 2009 | 4:58 AM ET

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By: Reuters

Swedish fashion giant Hennes & Mauritz posted an unexpected 3 percent drop in sales at established stores in October, blaming the economic conditions in some of its major markets.

Sharon Lorimer
Total sales were up 7 percent, but analysts polled by Reuters had expected a 5.1 percent rise in sales in established stores and a 14.9 percent rise in total sales.

"The continued recession affected sales differently across H&M's markets," the company said on Monday.

"Sales in Scandinavia, Central Europe and Asia were very satisfactory, while most other markets, primarily France, Spain and the U.S., had a continued weak sales development."

"It was a weak development in October, disappointing," said Soren Lontoft Hansen, analyst at Sydbank.

"We have seen some weak numbers in August and September due to the warm weather, so we were hoping for a better sales development in October due to a cooler climate and due to an easier comparable basis."