For clothing chain Hennes & Mauritz (H&M), the bottom of the corona crisis seems to have passed. In the first two weeks of June, the company’s revenue was 30 percent lower year-over-year. In the previous three months this was still around 50 percent.
H&M stores have reopened in more and more countries. At the moment just under a fifth of the shops are still closed. At its lowest point in mid-April, four out of five H&M stores were closed. Stores that reopened did take the necessary precautions to prevent the spread of the corona virus.
The drop in turnover at the physical stores was offset by higher turnover through online sales. In the current quarter, these are a third above the level of last year.
H&M had previously warned against a negative result as a result of the crisis.