H&M same-store sales slip 3% in July

Stockholm , Sweden Hennes & Mauritz AB on Monday reported a worse-than-expected drop in July same-store sales as consumers continued to hold back on spending.

The world's third-largest fashion apparel chain by revenue behind U.S.-based Gap and Spain's Inditex SA, said July same-store sales fell 3%, worse than the 1% drop analysts expected.

H&M, which in June signed up high-end shoe maker Jimmy Choo as the latest in a string of high-profile guest designers, operates more than 1,800 shops in over 30 countries.