H&M sales pick up in March as some markets allow stores to reopen
H&M announced that sales began to pick up in the first half of this month as coronavirus pandemic restrictions have lifted in some markets.
Sales between 1 and 13 March were up 10 per cent in local currencies as many countries, including single-biggest market Germany, began to lift restrictions, allowing the retailer to open hundreds of stores.
However, around 900 of H&M’s 5,000 stores – including in the UK – remain closed due to ongoing lockdown restrictions across the world, it said this morning.
England will allow non-essential retailers to open from 12 April at the earliest.
The Swedish fashion retailer also said sales in the three months to the end of February had fallen slightly less than expected.
Net sales fell 27 per cent compared to the previous year to 40.1bn crowns, less than the 30 per cent drop predicted by Refinitiv Smart Estimate.
“Sales development was significantly affected by the Covid-19 situation, with extensive restrictions and at most over 1,800 stores temporarily closed,” H&M, which is the world’s second largest fashion retailer after Zara owner Inditex, said in a statement.
“Since the beginning of February, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1,300 stores remained temporarily closed,” it said, adding that online sales had continued to develop very well.