H&M recovery better than expected
H&M has posted a 16% decline in net sales in its third quarter after trading was impacted by Covid-19, although the group said its recovery following the pandemic has been better than expected.
When converted to SEK, net sales decreased by 19% to 50,870 million Swedish krona in the three month period ending 31 August.
In a statement, H&M said around 900 of its 5,000 stores were temporarily closed due to lockdowns at the beginning of the period, but this was reduced to just above 200 by the end.
Helena Helmersson, H&M chief executive, said: “As a result of appreciated collections together with rapid and decisive actions, the H&M group’s recovery is better than expected. More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter. Preliminary results show profit before tax of approximately SEK 2 billion.”
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