H&M sales halve during lockdown
Fashion retailer H&M saw its net sales fall by 50% to 28.7 billion Swedish kronor in its second quarter after it was hit by Covid-19 store closures in most of its markets..
By mid-April, around 90% of the retailer’s stores were shuttered.
Meanwhile, online sales increased by 36% during the period.
Although stores began reopening in a number of markets from the end of April, H&M said recovery rates within the various markets have been uneven. Some 900 of the retailer’s 5,058 stores are still temporarily closed but ecommerce operations are open in 48 of its 51 online markets.
Looking at more current trading, H&M said sales from 1 to 13 June decreased by 30% in local currencies compared with the same period in 2019.
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