Hennes & Mauritz ( H&M ) the world’s second-biggest fashion retailer, reported a 12 per cent year-on-year rise in October sales in local currencies today, just below expectations.

The mean forecast in a Reuters poll of analysts had been for a 13 per cent rise in October, the second month of its fiscal fourth quarter.

H&M, which trails Zara owner Inditex, said the total number of stores amounted to 3,807 on 31 October 2015 compared to 3,437 on 31 October last year.