H&M July sales rise less than expected

Swedish fashion retailer H&M has reported a lower-than-expected 12 per cent rise in July sales.

In June, sales at Europe's largest fashion retailer rose 18 per cent year-on-year, boosted by higher prices, new stores and strong demand in several key markets.

Earlier this year the retailer opened its first Irish outlet in the Dundrum Town Centre.

The retailer plans to open 85 to 90 new stores this year. It had 1,123 shops at the end of July, compared to 996 shops at the end of July last year, an increase of nearly 13 per cent.

Rival Gap reported a 4 per cent fall in July sales on a same-store basis, which excludes shops open less than one year.