Sales at H&M Group drop 27% in latest quarter
H&M Group's sales have continued to drop as a result of imposed lockdowns and Coronavirus restrictions, falling to £33.7billion (SEK 40.1 billion) for the period 1 December 2020 to 28 February 2021.
The drop in net sales marks a 27% decrease at H&M group year-on-year compared with 1 December 2019 to 29 February 2020, or 21% in local currencies.
Sales development was significantly affected by the COVID-19 situation, with extensive restrictions and at most over 1,800 stores temporarily closed.
Since the beginning of February 2021, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1,300 stores remained temporarily closed.
The UK is due to reopen non-essential retail on 12 April 2021 as part of the Government's roadmap out of lockdown.
From 1-13 March 2021 sales across the group, who own brands including Cos, Weekday, & Other Stories and H&M, increased by 10%, compared to the same period in 2020, as a number of stores were able to reopen.
On 13 March, 900 of its stores remained temporarily closed, with H&M Group operating around 5,000 stores worldwide.
The company did however note that "online sales have continued to develop very well."
H&M Group will unveil a detailed three month report on 31 March 2021, breaking down specific group revenues for the period 1 December 2020 to 28 February 2021.