H&M sales fall 57per cent year-on-year in March through early May

H&M sales fall 57per cent year-on-year in March through early May

Swedish fashion retailer H&M said on Thursday its sales tumbled 57per cent from a year ago in local currencies during the March 1 to May 6 period as the novel coronavirus pandemic and restrictions to curb it kept most of its stores closed.

FILE PHOTO: H&M logo is seen on a shop in Riga
FILE PHOTO: H&M logo is seen on a shop in Riga, Latvia January 30, 2020. REUTERS/Ints Kalnins

STOCKHOLM: Swedish fashion retailer H&M said on Thursday its sales tumbled 57per cent from a year ago in local currencies during the March 1 to May 6 period as the novel coronavirus pandemic and restrictions to curb it kept most of its stores closed.

"From the end of April onwards the H&M group started gradually reopening stores in a number of markets," it said in a statement. "In those markets that have begun to open up, trade in the stores has initially been muted."

Online sales alone grew 32per cent in the same period, it said.

(Reporting by Niklas Pollard, editing by Helena Soderpalm)

Source: Reuters

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