H&M

H&M to close 170 stores worldwide

H&M has announced plans to close 170 of its stores worldwide after increasing the pace of the closures due to the impact of the coronavirus. The announcement, which came in a six-month trading update for the second quarter of the year, also revealed that the H&M group’s net sales decreased…

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H&M half-year sales slump amid Covid-19 pandemic

Fashion retailer H&M has reported a 23% decrease in net sales to SEK 83,612bn (£7.2bn) for the half-year period ended 31 May 2020. The group said it was “significantly negatively affected” by the Covid-19 situation, with pre-tax losses amounting to SEK 3,063bn (£265m) during the H1 period. H&Ms net sales…

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H&M sales halve in second quarter

H and M net sales halved in the second quarter of 2020, tumbling 50% to 28.7bn Swedish krona (£2.4bn) following global lockdowns amid the ongoing pandemic.  The fashion giant’s local currency net sales also halved in the period between 1 March and 31 May. E-commerce fared better, however, with online…

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H&M signs new £859m credit facility to strengthen liquidity amid Covid-19

Swedish clothing retailer H&M has revealed it has signed a new €980m (£859m) revolving credit facility as it looks to strengthen its liquidity amid the coronavirus outbreak. H&M said it is a 12 month deal with a six months extension option and is in addition to the company’s undrawn €700m…

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H&M sales increase despite being ‘negatively impacted’ by Covid-19

Fashion retailer H&M has reported a rise in sales in its first-quarter results, despite being “negatively impacted” by the outbreak of Covid-19. For the period ended 1 December 2019, H&M reported an 8% increase in net sales to SEK 54,988m (£46,609m) compared with £51m in the year prior. H&M said…

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H&M launches global supply chain initiative

H&M announced it will be launching a new initiative to provide other retailers access to its global supply chain, in what it says is a bid to “accelerate sustainable change”. The initiative, entitled Treadler, will begin to offer access to its global supply chain as a service to external companies…

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H&M to shutter Stoke-on-Trent warehouse placing 500 jobs at risk

H&M is reportedly set to close its warehouse in Stoke-on-Trent with plans to relocate its distribution to a new site. According to the BBC, the move may place around 500 jobs at risk after XPO Logistics, which runs the Stoke warehouse confirmed the clothing retailer plans to open a new…

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Former H&M US president joins Forever 21 as its new CEO

Authentic Brands Group (ABG) has appointed former H&M US president Daniel Kulle as the new CEO of Forever 21. ABG called Kulle a “visionary, dynamic, and inspirational executive” with over 20 years of experience coaching top teams and driving growth in the highly competitive fashion industry. He was most recently…

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H&M sales rise in Q4

Fashion retailer H&M has reported a 9% increase in net sales to SEK61,704m (£4.98m) for the three months to 30 November 2019. Despite the sales growth, H&M said sales development for the quarter compared with the previous year was affected by Black Friday falling at the end of November. H&M…

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H&M Q3 profits spike 25%

H&M has reported a 25% spike in net profits during Q3, which it attributed to “continued development of more full-price sales and reduced markdowns”. In the three month period ending 31 August, the Swedish clothing retailer said profit before tax increased to SEK 5bn (£410m), ahead of analysts expectations of…

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