H&M fashion lines are filling out again

Finance | Reuters 16 Jun 2021

Quarterly turnover at H&M, the world's second largest fashion retailer, jumped from 12 months earlier as pandemic restrictions were eased, although revenue remained well below 2019 levels.

The Swedish group announced yesterday that net sales grew 62 percent over the period in its fiscal second quarter, or 75 percent measured in local currencies, to 46.5 billion krona crowns (HK$43.3 billion).

Compared with two years previously, sales were still down 19 percent as stores stayed closed for most of the quarter in Germany and France, and footfall was slow in many stores that were open.

"As more people are vaccinated a number of markets have gradually allowed stores to reopen, and the H&M group's strong recovery continues," the company said.

"Online sales have continued to develop very well even as the stores have opened. This shows that customers appreciate the collections and being able to shop via their preferred channel."

In the corresponding quarter a year earlier, the measures to tackle the pandemic meant much global trade and retail activity ground to a near halt, with about 4,000 of the Swedish group's 5,000 stores closed temporarily.

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