H&M sales recover with 75% boost

H&M has reported a group net sales increase of 75 per cent in the second quarter of the year.

The international clothing retailer said that sales development has been “continuously affected by the pandemic.”

At the beginning of the second quarter, 1,300 H&M stores were temporarily closed.

In April, the fashion chain reported a sales decline of 21 per cent in the first quarter, suffering a pre-tax loss of $160 million.

But the company’s online sales have continued to “develop very well,” even after the reopening of brick-and-mortar stores.

“This shows that customers appreciate the collections and being able to shop via their preferred channel,” said the retailer.

Sales in the first couple of weeks of June jumped by 35 per cent compared with the same period of 2020 and by 2 per cent compared with 2019.

As of 13 June, around 180 H&M stores were still temporarily closed; all 50 stores in Malaysia, for example, had to close at the beginning of the month.

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