On the march: H&M fashions growth

H&M, the world’s second-largest fashion retailer, has seen sales grow for a third straight month as austerity-hit shoppers continue to seek out bargains.

The fast-expanding Swedish group said yesterday that sales at stores open a year or more rose 2 per cent in July, though the figure was slightly below forecasts. Total sales, which include new branches and additional selling space, rose 11 per cent.

The chain has weathered the downturn relatively well as cash-strapped consumers focus on budget ranges.

Nordea analyst Stefan Stjernholm said: “We know it is a really tough market. Given that, I think H&M has delivered a good sales development overall.”

In June, like-for-like sales grew by 3 per cent,