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Same-store sales on the rise
Swedish clothing retailer Hennes & Mauritz (H&M, Stockholm) reported a rise in December and January sales and better-than-expected quarterly earnings. The company reports same-store sales rose 3 percent in December following by a 13 percent increase from January 1 to 26. This marks the positive results for same-store sales since April 2009.
Chief Executive Karl-Johan Persson says the company increased its share of all of its markets in the fourth quarter and was optimistic about 2010. "Given the economic situation, it's difficult to say what will happen, but we hope for and expect positive like-for-like sales (next year)," he says.
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