Fast fashion retailer H&M saw sales rise across its third quarter as “aggressive discounting” helped drive positive figures.
In the period from June 1 to August 31, H&M saw group sales including VAT rise five per cent year-on-year to £5.53 billion.
Growth remained flat on the previous quarter and remained in line with market expectations.
“Sales in the quarter were affected by a significantly larger summer sale this year than in the corresponding quarter last year – both in terms of the number of items and the average discount per piece – which had a dampening effect on revenue growth,” the retailer said in a statement.
“The summer’s aggressive mark-downs led to an improved inventory position and good conditions for the incoming autumn garments. This helped sales of the autumn collections get off to a good start.”
H&M saw its estate grow by 418 stores in the year to August 31.
It also launched its new fascias Weekday and Arket on London’s Regent Street in August.