In the second quarter of the current broken financial year, H&M saw a significant recovery in turnover. This was announced by the Swedish clothing chain on Tuesday morning.
Between 1 March and 31 May, H&M’s turnover increased by 75 percent on an annual basis, calculated in local currency, to around 4.6 billion euros. In Swedish kronor, the increase in turnover remained at 62 percent.
Despite the impressive revenue recovery, the retail chain was still hit by the pandemic in the last quarter. At the beginning of the second quarter, some 1,300 shops were temporarily closed. Shops that were open were hampered by restrictions on opening hours, the number of customers who were allowed to enter at the same time and the retail space to be used.
In some of the main markets, such as France and Germany, the shops were closed for most of the last quarter.
At the end of the quarter, H&M Group stores still had restrictions, resulting in lower visitor numbers and a temporary closure of around 140 stores worldwide.
However, H & M emphasised the positive trend in online sales, which is continuing now that the stores are open again.
Between 1 and 13 June, H&M’s sales increased by 35 percent in local currency. If compared to the same period in 2019, when there was still a corona, there was a plus of 2 percent