Sept. 16 - Sales at Hennes & Mauritz rose a more-than-expected 4 percent in August. So was the biggest rise in 11 months for the world's No 2 fashion retailer down to improving conditions in Europe? Sonia Legg reports.
4% is today's daily digit in Europe - the better-than-expected rise in sales at H&M. The world's second largest fashion retailer appears to be reflecting the fortunes of its largest market. As Europe saw the first signs of recovery, H&M reported its biggest rise in sales in 11 months. Figures for August from stores open more than a year were 1% higher than a Reuters poll predicted. Total sales for the month were also 1% higher than forecast - and rose 14%. Many clothing retailers in Europe have been struggling in recent years as consumers have cut back spending. H&M in particular has failed to keep up with its larger rival Inditex largely because it's more Europe-focussed. But this year it's seen its shares rise by 11% - outperforming the owner of Zara by almost 7%.