Retail in Asia

In Trends

H&M announces financial results


In the second quarter 2021, i.e. in the period 1st March 2021 to 31st May 2021, the H&M group’s net sales increased by 75 percent in local currencies compared with the corresponding period last year.

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Sales development was continuously affected by the ongoing pandemic. At the start of the second quarter around 1,300 stores were temporarily closed. The open stores have had restrictions on, for example, opening hours, number of customers and store space.

In some of the group’s largest markets such as France and Germany the stores were closed continuously almost throughout the quarter as a consequence of the extended restrictions. At the end of the quarter most of the H&M group’s markets still had restrictions resulting in reduced footfall and around 140 of the stores globally remained temporarily closed.

As more people are vaccinated a number of markets have gradually allowed stores to reopen and the H&M group’s strong recovery continues. Online sales have continued to develop very well, even as the stores have opened. This shows that customers appreciate the collections and being able to shop via their preferred channel.

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Sales in the period 1st-13th June 2021 increased by 35 percent in local currencies compared with the same period in 2020 and by 2 percent compared with the same period in 2019.

Most markets in the H&M group are still subject to restrictions and on 13th June around 180 stores were temporarily closed; all 50 stores in Malaysia, for example, had to close at the beginning of the month.