Recent quarantine restrictions due to the spread of Covid-19 have led to the closure of about a third of the Swedish retailer Hennes & Mauritz (H&M) stores worldwide. For three winter months, retailer sales fell to a loss, writes Worldfootwear.com
During the reporting period, H&M identified a loss before tax of SEK 1,39 billion (EUR 140 million). By comparison, a year earlier, in the same period, the company recorded a profit of 2,5 billion Swedish kronor (240 million euros).
The loss was driven by a 21% year-on-year drop in sales to SEK 40,1 billion (€ 3,91 billion).
With the latest restrictions in place to contain the spread of COVID-19, some 1800 of the group's stores have remained closed throughout the winter.
In the first quarter of 2021, the retailer's online sales grew 57% year-on-year, with sales growing 1% from March 28 to March 55 compared to the same period last year.