Companies

H&M sales fall by 21%

Mar 15, 2021 Sweden

In the first quarter of 2021 H&M group’s net sales decreased by 21% in local currencies compared to similar period in the previous fiscal year. The Sweden-based group’s net sales amounted to 40 060 million Swedish Krona in the period

In the period running from the 1^st of December 2020 to the 28^th of February 2021, the H&M group’s net sales decreased by 21% in local currencies compared with similar period last year. The group’s net sales amounted to 40 060 million Swedish Krona.

According to H&M, 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, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1 300 stores remained temporarily closed. Online sales have continued to "develop very well".

Source: H&M

With Germany, the H&M group’s largest market, and other countries beginning to allow certain stores to reopen, the number of temporarily closed stores in the group amounted to around 900 on the 13^th of March. Sales in the period from the 1^st to the 13^th of March this year increased by 10% in local currencies compared with the same period in 2020.

Coronavirus - Covid19 Sweden Brands Companies Fashion Footwear Quarter Results Results Retail