We’re surprised by the sequential improvement in trend line sales by country at H&M through Q2. It’s notable to us that the only major countries H&M serves that are incrementally trending down on the margin are the US as well as Sweden. While none of H&M’s second tier countries are knocking the cover off the ball – i.e. all up less than 5% on a 2-year run-rate – they’re all running up sequentially except for the Netherlands (5% of sales). The company also noted that 2Q markdown activity was unchanged vs. last year confirming that aforementioned sales were not discount driven – an incremental positive re ongoing concern over European demand.