Bigger summer sale lifts H&M’S autumn range

Swedish fashion group H&M said it launched a “significantly larger summer sale”, both in terms of the size of discounts and the amount of stock on sale, than last year, which hit its revenue in the quarter ending on Aug 31. Sales rose only 5pc year on year in the quarter to Skr59.38bn (£5.5bn). However, the group said the markdowns improved its inventory position and created “good conditions” going into its fourth quarter. It said that demand for its autumn collections had been solid.