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H&M third-quarter sales growth matches expectations at 5 percent

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H&M third-quarter sales growth matches expectations at 5 percent

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STOCKHOLM (Reuters) – Fashion retailer H&M <HMb.ST> said on Friday unusually large markdowns capped turnover in its fiscal third quarter as it reported a 5 percent year-on-year rise for the period, matching expectations. The Swedish group said in a statement ahead of its full June-August earnings report due on Sept. 28 that sales in the period totalled 51.2 billion crowns (4.78 billion pounds), in line with the mean forecast in a Reuters poll of analysts. “Sales in the quarter were affected by a significantly larger summer sale this year than in the corresponding quarter last year – both in terms of the number of items and the average discount per piece – which had a dampening effect on revenue growth,” H&M said.

(Reporting by Anna Ringstrom, Editing by Helena Soderpalm)
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