H&M reports second quarter sales plunge due to Coronavirus
H&M Group has released its second quarter sales figures on Monday and has reported the group’s net sales fell by 50% year on year to SEK 28.6bn (£2.4bn) in the three months to 31 May 2020.
Online sales increased by 36% in SEK and 32% in local currencies during the same period of time.
The retailer's total sales from 1 and 13 June dropped by 30% in local currencies, compared with the same period in 2019.
H&M said: “The sales development during the second quarter was severely affected by the Covid-19 situation. In most markets, stores had to be temporarily closed and in the middle of April around 80% of the group’s stores were temporarily closed. From the end of April onwards the H&M group started gradually reopening stores in a number of markets. Reopenings in each market are in line with local restrictions."
“The pace of the sales recovery varies at a large extent between markets. At present approximately 900 stores, representing around 18% of the group’s 5,058 stores, are still temporarily closed. Online sales are open in 48 of the company’s 51 online markets."
Currently, nearly 900 stores, which is around 18% of the retailer's 5,058-store total, are still temporarily closed and online sales are open in 48 of 51 online markets.
With non-essential stores in England reopening their stores today, after a 83 day lockdown, H&M amongst other retailers will be reopening it stores in the UK this week.
