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Clothing & Shoes

H&M Q1 sales fall 21% to £3.4bn

The group stated that sales development was ‘significantly affected’ by the Covid-19 situation and at most over 1,800 stores temporarily closed

H&M has announced that group net sales decreased by 21% in local currencies to SEK 40.1bn (£3.4bn) in its first quarter of trading, compared with the same period the previous year.

The group stated that sales development was “significantly affected” by the Covid-19 situation, with over 1,800 stores temporarily closed “at most”.

Since the beginning of February, a number of markets have gradually allowed stores to reopen, yet at the end of the quarter there were still around 1,300 stores temporarily closed.

However sales in the period 1–13 March increased by 10% in local currencies compared with the same period in 2020.

The full three-month report for 1 December 2020 – 28 February 2021 will be published on 31 March 2021.

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