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Reuters
Published
Jul 15, 2010
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H&M June same-store sales up 9 pct, below forecasts

By
Reuters
Published
Jul 15, 2010

STOCKHOLM, July 15 (Reuters) - Swedish fashion giant Hennes & Mauritz (HMb.ST) pulled clear of a disappointing spring season on Thursday with a jump in June same-store sales, although the figure fell short of expectations.

H&M
www.hm.com


The global chain, known for its knock-down prices and celebrity guest designers, has caught an upswing in demand from shoppers in its main markets as consumer confidence edges up in the midst of a patchy global recovery.

It said sales at established stores open for more than one financial year rose 9 percent in June from the same month last year, undershooting the 9.6 percent rise seen in a Reuters poll. Same-store sales had fallen in both April and May.

The rise was unsurprising, as H&M had flagged an upbeat figure in its second quarter earnings report last month while warning that currency swings and rising costs could hit its gross margin later this year.

Total sales were up 20 percent, compared with a forecast rise of 21 percent in the Reuters poll.

H&M's June figures compared favourably with rival U.S. chain Gap Inc (GPS.N), which last week reported flat comparable store sales for June, sending its shares down sharply.

(Reporting by Nick Vinocur; Editing by Hans Peters)

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