H&M India sales fall 74% during March-May quarter

MUMBAI: Swedish rapid-manner retailer Hennes & Mauritz (H&M) claimed a 74% decline in income in India for the quarter finished May possibly 2020, as most of the outlets remained shut for virtually two months in the quarter.

The world’s second-major apparel organization, which follows a December-November economic yr, claimed income of Rs 90 crore in the second quarter. Throughout the six-month period of time finished May possibly, it clocked Rs 602 crore, a 19% slide when compared to a yr in the past.

“There have been some constrained disruptions in the offer chain particularly Bangladesh and India, these are now fixed, so we do not assume a huge backlog into the third quarter,” explained H&M’s chief economic officer Adam Karlsson in an buyers phone.

Globally, the group’s web income declined fifty% as outlets were briefly shut in a lot of marketplaces. In fact, in mid April all over eighty% of

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