H&M's March sales tumble 46% as pandemic hits; sees Q2 loss

Published Fri, Apr 3, 2020 · 06:23 AM

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    [STOCKHOLM] H&M, the world's second-biggest clothing retailer, reported on Friday a 46 per cent plunge in March sales as the novel coronavirus pandemic took its toll and said it expected to run a loss in its fiscal second quarter.

    "The second quarter will naturally be very negatively impacted by the corona situation and will therefore be loss-making," the Swedish group said.

    Fiscal first-quarter pretax profit more than doubled to 2.50 billion Swedish krone (S$343.6 million) from a year-ago 1.04 billion krone.

    Six analysts polled between March 17 and March 26 had on average expected a rise to 1.47 billion krone, according to Refinitiv data.

    REUTERS

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