H&M's quarterly sales lag expectations

Net sales rose by 6% as the retailer faces competition from Zara owner Inditex and China-founded fast-fashion retailer Shein

H&M has announced that it will begin reopening stores in Ukraine in November which were closed last year following Russia's invasion.

Sweden's H&M on Friday reported flat sales in its most recent quarter, lagging expectations as the fashion firm struggles to attract customers while the cost of living crisis drags on.

"The work towards the company's goal of reaching a 10% operating margin in 2024 is going in the right direction. Profitability and inventory levels have been prioritised in the quarter," H&M said in a statement.