H&M shares slip after reporting weak summer sales (OTCMKTS:HNNMY)

Swedish retailer H&M (OTCPK:HNNMY) slid on Thursday after posting lighter than anticipated sales for the third quarter.

Net sales increased 3% in the August-ended period as compared to the prior year, owing to a “weak start, in common with the industry in many of the group’s major markets,” the company said.

While an improvement into the close of the quarter and a “better start for the autumn collections” were cited as reasons for optimism, Stockholm-listed shares fell about 2% in afternoon trading.

The results contrasted sharply with the report from the Spanish parent of Zara, Industria de Diseño Textil (Inditex), on Wednesday.