H&M Reports Downbeat August Sales

Hennes & Mauritz AB HNNMY reported weaker-than-expected sales for August. H&M's sales for the third quarter, including value added tax, surged to 33.57 billion Swedish kronor ($5.12 billion), versus SEK31.51 billion, in the year-ago period. Its quarterly total sales rose 10%. H&M's total sales in August gained 6%, missing analysts' estimates of a 10.7% rise. Its comparable sales in August declined 4%, missing estimates of a 1% rise. H&M is expected to report Q3 earnings on September 27. H&M's shares closed at $7.51 on Friday.