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Clothing & Shoes

H&M sales soar 75% in Q2

In the second quarter 2021, the retail group reported a net sales increase of 75% in local currencies compared with the same period last year

H&M has reported a quarterly turnover rise from the year before as Covid-19 restrictions continue to ease, despite overall revenue remaining below 2019 levels.

In the second quarter of 2021, the retail group reported a net sales increase of 75% in local currencies compared with the same period last year.

Due to the strengthening of the Swedish krona, this increase jumped by 62% over the period when converted to SEK, coming to 46.5 bn crowns (£39.6bn).

At the beginning of the second quarter, around 1,300 H&M stores were temporarily closed due to the pandemic.

Currently, open stores have restrictions on opening hours, the number of customers allowed in the premises at once, and store space.

In a statement, H&M said: “As more people are vaccinated, a number of markets have gradually allowed stores to reopen and the H&M group’s strong recovery continues.

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.”

The retailer is scheduled to publish its full second-quarter earnings report on 1 July 2021.

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