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H&M: second-quarter sales rose 10 percent.

( - Swedish budget fashion group Hennes & Mauritz reported a 10% increase in sales in the second quarter, although the shares have shown little reaction to these numbers.

H&M group's sales reached 59.5 billion Swedish kronor over the March to May period (around six billion euros), compared to 54.3 billion kronor in the same period a year ago.

In local currencies, sales are up 5%.

The world number 2 apparel retailer, behind Spain's Inditex, said profit after tax rose to 5.9 billion kronor, from 5.4 billion kronor, thanks to continued store expansion and a tight cost control.

The group's gross margin - a closely watched indicator - reached 57.1% in the quarter, compared to 57.6% a year ago.

In June, H&M's sales including VAT are expected to increase by 7% in local currencies compared to the same month last year.

H&M's shares were down 0.2% at 204.2 kronor after these results, in line with the STOXX Europe 600 retail index.

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