H&M defies European gloom with sales rise

Hennes & Mauritz, the world's second-largest clothing retailer, grew annual sales at established stores in June, in a sign of robust demand for budget clothing from austerity-hit shoppers. Photo: Pixel FormulaThe Swedish budget fashion firm said on Monday sales growth at stores open a year or more was steady in the month - the first of its fiscal third quarter - at 3 percent in local currencies. That, however, undershot a Reuters poll forecast for a 5 percent rise. Total sales were up 13

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