H&M blames warm weather for September sales slide

The decline deals a blow to hopes the world's second-biggest fashion retailer is turning its performance around after lagging behind Inditex, as a cost-of-living crisis curbs shoppers' spending.

H&M announced a share buyback programme starting on Wednesday, planning to buy back up to 3bn crowns of stock by March 31 next year. Pic: James Warwick

H&M said unusually hot weather in many of its European markets had delayed the start of the autumn shopping season, sending sales lower in September, while cost cuts helped the fashion retailer's quarterly profit rise.

H&M, whose biggest rival is Zara owner Inditex, said September sales would be down 10% year-on-year measured in local currencies. That compares with Inditex reporting sales between August 1 and September 11 that were up 14%.