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H&M comps are still down significantly on top of easy compares with little sequential improvement from the plunge in August caused by shortage of clearance/markdown inventory after the company’s “summer sale” left inventories too lean.  Sales did grow by 1% from new stores but this sales growth is the third worst month over the last 5 years (last month’s sales growth was the worst).  This is the first time I have seen H&M come out on their monthly sales update and blame the recession and the weather: “Sales were affected by the recession and unusually warm weather in September in most of H&M’s markets. Sales were satisfactory where the weather conditions were more normal.” The only commentary on sales from their monthly releases has discussed calendar shifts, not excuses.

H&M: EXCUSES - 1

H&M: EXCUSES - 2

H&M: EXCUSES - 3

H&M: EXCUSES - 4