Leading global apparel retailer H&M has announced its first quarter report (1 December 2020 – 28 February 2021). Its net sales amounted to SEK 40,060 million, which is 21 per cent down from what it was during the same period last year.
The company said in a statement that the second wave of the pandemic resulted in extensive restrictions. At the most, around 1,800 stores were temporarily closed (around 36 percent of the Group’s total number of stores).
However, its sales increased by 55 percent (in local currencies) in the period 1 to 28 March 2021 compared to the same period in 2020.
In the first quarter, the programme to streamline invoice management and payment processes has freed up just over SEK 3 billion of the around SEK 10 billion that is expected to be freed up in 2021.
“While we are humbled by the uncertainty that still exists due to the pandemic, it’s fantastic to see the great interest in our collections. With a well-positioned customer offering we are continuing our transformation at full speed to create long-term sustainable and profitable growth for the H&M Group,” says Helena Helmersson, CEO of the company.
In India, the retailer is having 50 stores and noticed 14 per cent growth in this quarter.
