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government-trade

H&M Sales Rise 10% in Q3

Heat wave blamed for 4 percent drop in same-store sales in August.

PARIS — Hennes & Mauritz AB said sales including VAT in the fiscal third quarter rose to 33.6 billion Swedish kronor, or $4.9 billion, a 10 percent gain in local currency terms.

The Swedish high-street retailer, which will publish full third-quarter results on Sept. 27, said sales in comparable units were flat for the period of June 1 to Aug. 31. All dollar rates are calculated at average exchange rates for the period in question.

H&M also reported that same-store sales fell 4 percent in August following a 2 percent increase in July. Sales in local currencies rose 6 percent, versus a rise of 11 percent the previous month.

“It was primarily the extreme heat wave in a number of European markets in August that affected sales negatively,” the retailer stated. In August 2011, H&M reported flat same-store sales and an 8 percent increase in local currencies. 

The store count stood at 2,629 on Aug. 31 versus 2,325 stores on Aug. 31, 2011.