The retail group has revealed that their full-year profits have fallen by 88.2 per cent to £174.4M.
Like many others, H&M’s financial results were heavily impacted by the global pandemic which saw the majority of stores temporarily shuttered. The brand has recorded that at the most, around 80 per cent of their stores were closed.
Although the retailer reported a strong recovery at the start of Quarter 4, the onset of the second wave of the virus which led to more restrictions and lockdowns slowed this down significantly.
Helena Helmersson, H&M Group Chief Executive Officer commented: “With a strong profitable online growth and good cost control we succeeded in ending the year in profit and with a strong financial position. Taking decisive measures quickly, combined with an attractive customer offering, led to a better recovery than expected up until the second wave of the pandemic struck.”
Helmersson concludes: “Our measures to mitigate the negative effects of ongoing restrictions and closures are continuing.”
