Virus resurgence hits H&M sales, cuts promising recovery

Stockholm, Dec fifteen (AP) Swedish fashion retailer H&M states its product sales fell ten per cent in the fourth quarter as the second wave of the COVID-19 pandemic stalled customer paying, cutting small a promising restoration viewed in the third quarter. The Stockholm-based mostly business explained Tuesday forward of reporting total fourth quarter earnings in January that product sales in the September to November time period dropped to 52.five billion Swedish kronor (USD 6.twenty five billion) from sixty billion kronor a yr earlier.

Product sales for the total fiscal yr, which operates for the twelve months as a result of November, stood at 187 billion kronor, down eighteen per cent.

H&M explained that the entire yr 2020 was marked by the coronavirus pandemic for the business, 1 of the world’s greatest spending plan fashion stores, while the yr took off with “a beneficial momentum.”

“The H&M team started off

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