H&M surges on summer sales and online spend

Swedish fashion group H&M says sales of its summer collections had started well and it would slow the rate of store openings as it invests more online, boosting its shares by more than 14%.

The world’s second- biggest fashion retailer after Zara owner Inditex said sales growth accelerated to 12% in local currencies in June, the first month of its fiscal third quarter, from 5% in the second quarter.