H&M says sales picked up in first half of December

12/15/2009 | Reuters

Hennes & Mauritz said same-store sales fell 9% in November as the economic downturn has prompted many consumers to rein in their spending. However, the Swedish fashion retailer said sales jumped about 11% in the first two weeks of December, and analysts expressed optimism about H&M's prospects for the holiday season. "It is also ... positive that they opened 250 stores in the full year, while they had guided for 240," said Soren Lontoft Hansen, analyst at Sydbank. "That shows H&M is using the economic downturn to strengthen their position."

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