H&M fails to meet analysts targets

Fashion giant Hennes & Mauritz (H&M) missed analysts' sales forecasts for May following a slowdown in demand in the Swedish firm's key European markets.

H&M, the world's second-largest clothing retailer, posted a 2 per cent rise in like-for-like sales, below analysts' predictions for a 5.4 per cent gain.

In contrast, Spanish firm Inditex - which owns high street fashion chain Zara - posted a 10 per cent rise in quarterly profits after rising sales in emerging markets helped to off-set weaker demand in Europe.