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H&M beats sales estimates for August

H&M beats sales estimates for August
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The Swedish budget fashion retailer Hennes & Mauritz enjoyed stronger-than-expected growth at the height of the summer.

Sales at stores open at least one year rose a slightly more-than-expected four percent in August

Total sales were up 14 percent in local currencies.

H&M does most of its business in Europe where clothing retailers have been going through tough times with people reluctant to spend in the face of economic uncertainty.

The company’s shares rose to a record high in response to the sales figures.

H&M saw sales in stores open a year or more fall each month from October 2012 through March this year. Like-for-like sales have stabilised since then, although they fell again unexpectedly in July.