H&M’s sales slip

15/07/09 21:01 CET

Fashion

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Sales have sagged at the Swedish budget fashion chain Hennes & Mauritz.

The world’s third-biggest clothing retailer reported a worse than expected five percent fall in purchases at its stores in June.

The figures only compare shops that were also open one year ago.

Analysts said it was disappointing but pointed out it could be due to H&M making large and early price cuts to counter weak demand.