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 one.seven 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 the yr strongly and with a beneficial momentum till the to start with wave of COVID-19 experienced an effects,” the business explained in a short statement.

“Considerable social limitations involving momentary keep closures and huge drops in purchaser footfall to physical retailers led to a significant lessen in product sales, specially in the second quarter.” A potent product sales restoration adopted in the third quarter, continuing for much of the fourth quarter just before struggling “a new slowdown as a end result of the pandemic’s second wave.” The business will report its total fourth quarter and 2020 earnings on January 29. (AP) AAR AAR