Fashion retailer Hennes & Mauritz said sales rebounded in September after unseasonably warm weather prompted the world’s second-biggest fashion retailer to report its weakest monthly sales growth in more than two years for August.
Chief executive Karl-Johan Persson said: “When the weather became more normal in September, sales took off again and we are looking forward to an exciting fashion autumn.“ The Swedish budget retailer said September sales rose 12 per cent in local currencies, up from a rise of just one per cent in August.
Last week, Zara’s owner Inditex reported a brisk start to the autumn season, with sales in local currencies in the six weeks to September 10 up 16 per cent.
Societe Generale analyst Anne Critchlow said: “Current trading looks a bit slower than consensus had hoped at this stage.”
She said the shares are likely to perform in line with the market as they underperformed last month.
H&M, which has been slower than Zara to offer its clothing online, said it planned to extend ecommerce to another nine markets including Japan and Ireland in the next financial year on top of the 23 markets it will cover this year.
It also reiterated it plans to open about 400 new stores this year, including 240 it expects to open in the fourth quarter - almost three new stores a day.