H&M's sales tumble, stockpiles grow in March to May

STOCKHOLM : H&M, the world’s next-greatest fashion retailer, reported community forex product sales experienced tumbled fifty seven% considering the fact that the start out of March compared with a year back as the COVID-19 pandemic and lockdowns retained most of its shops shut.

On the internet product sales grew 32%, it reported in a statement on Thursday, masking the buying and selling interval from March 1-May possibly six.

H&M warned on April 3 it would make its first quarterly loss in a lot of decades in March-May possibly, its fiscal next quarter.

It has started off to step by step reopen shops from late final thirty day period but 3,050 or sixty% keep on being temporarily shut.

“In individuals markets that have started to open up, trade in the shops has to begin with been muted,” it reported on Thursday in a statement ahead of its once-a-year normal conference later

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