Swedish fashion chain Hennes and Mauritz surprised investors on Monday when it posted lower-than-expected sales growth in September. Sales rose 7 percent in September, as opposed to 17 percent in August and 10 percent in September of last year. Analysts had predicted a growth of between 13 and 15 percent. The company blamed the “unusually warm weather” in Europe for the poor sales of outdoor and knitted clothing – especially in Germany, Austria and Switzerland.
The news stunned the group, which had told investors during the release of its third-quarter results that the autumn collections were selling well. The retailer reported a rise in pre-tax profits to £24 million, on a turnover up 18 percent of £37 million. Not only the warm weather, but also the rising oil prices have had a negative effect on retailing, with consumers spending less as a result. European retail sales fell in September.
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