The Group’s sales have continued to fall as a result of the Coronavirus, falling to £33.7bn for the period December 1, 2020 to February 28, 2021.
The figures reflect a 21 per cent drop in net sales at H&M Group in comparison with the same period – December 1, 2019 to February 29, 2020. The Coronavirus pandemic has seen extensive restrictions across multiple markets with as many as 1,800 stores temporarily closed. Despite in-store sales being heavily impacted and further impacting overall net sales, the Group did note that ‘online sales have continued to develop very well’ within the period.
Although the brand has seen another fall in net sales in the previous quarter, they remain optimistic for the future, with Quarter 2 off to a good start. A number of markets are now gradually reopening stores to shoppers and of their 5,000 global stores, a smaller number of 900 now remain temporarily closed.
The group is expected to provide a detailed three month report, with specific group revenues for the period on March 31, 2021.
