Strange yet true that the Swedish fast fashion retailer recorded its worst sales growth for three years as the fashion retail industry was hit by the strength of the dollar. What;s more interesting is that H&M buys much of its materials in dollars and the currency's strength has been pushing up costs at the high street chain.

Measured in local currencies, H&M's sales in the UK were one per cent higher, and seven per cent higher in the US, but sales were flat in Germany, which is the clothing store's biggest market.

The company further divulging the strategy stated that it is going to expand by opening around 425 new outlets this business year, as well as expanding for the first time into Puerto Rico, New Zealand and Cyprus amidst losses.

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