The Business Times

H&M sales recover in March as stores reopen after lockdown

Published Mon, Mar 15, 2021 · 05:04 PM

[STOCKHOLM] Sales at fashion group H&M fell slightly less than expected in the three months through February and rose in the first half of March as pandemic restrictions were eased in some markets, allowing hundreds of stores to reopen.

The world's second-biggest apparel retailer said on Monday net sales fell 27 per cent from a year earlier, or 21 per cent measured in local currencies, to 40.1 billion crowns (S$6.35 billion).

Analysts had on average forecast a 30 per cent decline in net sales in the period - H&M's fiscal first quarter - according to Refinitiv SmartEstimate.

"Sales development was significantly affected by the Covid-19 situation, with extensive restrictions and at most over 1,800 stores temporarily closed," H&M said in a statement.

"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." H&M said sales in the March 1-13 period were up 10 per cent in local currencies as many countries, including its biggest market Germany, begun allowing some stores to reopen. On March 13, around 900 of H&M's around 5,000 stores remained closed due to government lockdowns to fight the pandemic.

REUTERS

A NEWSLETTER FOR YOU
Friday, 2 pm
Lifestyle

Our picks of the latest dining, travel and leisure options to treat yourself.

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Consumer & Healthcare

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here