H&M: sales drop as stores remain closed
(CercleFinance.com) - Budget fashion firm Hennes & Mauritz reported a dramatic fall in sales on Thursday, as around 80% of its stores have been closed since mid-March.
The group's total sales from 1 March to 6 May dropped by 57% in local currencies compared with the same period of 2019, the clothing chain said.
Over this period, sales fell by 71% in the US and France, while sales in Italy tumbled by 80%, H&M said.
At present, 60% of its stores remain closed.
There is, however, a ray of hope in online sales, which increased by 32% over the period in the 46 of the company's 51 online markets.
In Stockholm, H&M shares were trading 1.7% higher after this brief financial update on the ongoing Covid-19 situation.
Copyright (c) 2020 CercleFinance.com. All rights reserved.