Retail in Asia

In Trends

H&M announces financial results

H&M

In the fourth quarter 2020, i.e. in the period 1st September to 30th November 2020, the H&M group’s net sales decreased by 10 percent in local currencies compared with the corresponding period last year.

SEE ALSO : H&M’s Afound expands to beauty

For the 2020 financial year net sales decreased by 18 percent in local currencies. The group’s net sales amounted to US$61,694 million in the fourth quarter 2020. For full-year 2020 net sales amounted to US$232,755 million.

The H&M group started the year strongly and with a positive momentum until the first wave of Covid-19 had an impact. Extensive social restrictions involving temporary store closures and large drops in customer footfall to physical stores led to a substantial decrease in sales, particularly in the second quarter.

SEE ALSO : H&M expands partnership with Renewcell

A strong recovery in the third quarter continued for much of the fourth quarter. Between 1st September and 21st October sales decreased by 3 percent in local currencies compared with the same period last year. Between 22nd October and 30th November sales decreased by 22 percent compared with the corresponding period last year, as the recovery transitioned into a new slowdown as a result of the pandemic’s second wave