Nov.15 - The world's second largest fashion retailer reported an unexpected 5% fall in comparable sales in October, for stores open longer than a year. Analysts blame the euro zone crisis and warmer weather. Joanne Nicholson reports
Five percent is today's daily digit in Europe. That's how much sales at the world's second largest fashion retailer, H&M, fell in October - at stores that have been open for more than a year. The Swedish chain posted a 6 percent RISE in sales for September. The crisis in Europe is the route cause of the weak figures, and it's in Europe where H&M does most of its business. Analysts say an unusually warm autumn is also to blame. The figures were boosted by new stores - but at four percent even total sales were well down on 9% expectations. H&M has opened 300 stores since October last year . Its latest designer collection - a collaboration with French fashion house Maison Martin Margiela - was launched as results came out and was heading for a sell out. But shares were down three and a half percent after the five per cent drop was released.