H&M sales soaring in height of summer, poll shows

High street fashion giant H&M is heading for a double-digit sales rise next week, a poll suggested today.

The chain's July sales will be up 11.7%, according to the Reuters survey of 10 banks and brokerages. Sales in stores open for more than a year will be up 1.7%, with estimates ranging from unchanged sales to a rise of 5%.

In Germany, H&M's largest market, apparel sales inched up 1% in July from a year earlier, according to industry journal Textilwirtschaft. In Sweden, H&M's home and third-biggest market, the HUI/Stil index for clothing sales was up 1.1%.

In June, the clothing chain's same-store sales were up 9% while total sales jumped 20%.

H&M is due to publish the monthly sales figures at on Monday. It does not release absolute sales figures, only the percentage change in local currencies.

Analysts from Bank of America-Merrill Lynch, Carnegie, Danske Markets Equities, Erik Penser, Handelsbanken Capital Markets, HQ Bank, Ohman Fondkommission, SEB Enskilda, Swedbank and Sydbank took part in the poll.