H&M Group reports Q3 sales up 14%
Net sales at H&M Group increased by 14% in the third quarter, 1 June to 31 August 2021, compared with the same period in 2020.
The Swedish retail group, owners of H&M, Cos, Arket, Weekday, Cheap Monday, & Other Stories and Monki, said sales development continued to be affected by the ongoing pandemic, with considerable variation between markets.
Lockdowns and restrictions have continued to hamper development, particularly in Asia. However, as restrictions have been eased, sales in store have picked up in many markets while online sales have continued to increase. Excluding Asia and Oceania, sales in local currencies were back at the same level as before the pandemic.
At the start of the third quarter around 180 stores were temporarily closed, whilst open stores have had restrictions on number of customers and store space. At the end of the quarter most of the H&M group’s markets still had restrictions resulting in reduced footfall and around 100 of the stores remained temporarily closed.
H&M Group will reveal more detailed figures for the first nine months of its fiscal year on 30 September 2021.