H&M profits tumble as Covid-19 batters sales

HM

H&M has suffered a slump in full-year profits and sales as the coronavirus crisis battered its top line.

The fashion giant said profit after extraordinary items tumbled 88.2% to SEK 2bn (£174.4m) during the year to November 30, 2020. Gross profit fell 23.6% to SEK 93.5bn (£8.15bn).

Net sales dropped 18% on a local currency basis to SEK 187bn (£16.3bn) during the year.

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