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H&M announces financial results

H&M

Swedish clothing retailer H&M group announced financial results for third quarter 2020, from 1st June 2020 to 31st August, 2020.

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In the third quarter 2020, the H&M group’s net sales decreased by 16 percent in local currencies compared with the corresponding period last year. Converted to SEK net sales decreased by 19 percent to US$5.8 billion.

Sales development in the third quarter reflects the Covid-19 situation. At the beginning of the quarter approximately 900 of the group’s more than 5,000 stores were temporarily closed. At the end of the quarter just above 200 stores were temporarily closed.

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As a result of appreciated collections together with rapid and decisive actions, the H&M group’s recovery is better than expected. More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter. Preliminary results show profit before tax of approximately US$228 million.

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