Temporary store closures affect H&M sales, drop by 21 percent
15 Mar 2021
In the first quarter 2021, the H&M group recorded net sales decrease of 21 percent in local currencies compared with period between December 1, 2019 to February 29, 2020. Converted to SEK, the company said in a statement, the group’s net sales amounted to 40,060 million Swedish krona compared to 54,948 million Swedish krona.
The company added that sales development was significantly affected by the Covid-19 situation, with extensive restrictions and at most over 1,800 stores temporarily closed. Since the beginning of February, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1,300 stores remained temporarily closed. Online sales continued to develop well.
The company further said that since Germany, the H&M group’s largest market, and other countries have begun allowing certain stores to reopen, the number of temporarily closed stores in the group amounted to around 900 on March 13. Sales in the period from March 1 to March 13 this year increased by 10 percent in local currencies compared with the same period in 2020.
Image: H&M media gallery