H&M sales fall short as stock cuts leave stores unable to meet demand

H&M has missed sales expectations after admitting that its drive to tighten stock levels left parts of the business unable to meet customer demand.
The fashion giant posted net sales of SEK 54.8bn (£4.2bn) for the three months to 31 May, down from SEK 56.7bn a year earlier.
Sales in local currencies were broadly flat, with H&M operating around 3 per cent fewer stores than the same period last year.
Operating profit came in at SEK 5.9bn (£463m), flat year on year and below ana