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