H&M sales halved during lockdown as retailer eyes reopening recovery
H&M’s sales collapsed by more than a half in the three months to May 31, but they have started to improve during the first two weeks of June as more of its international store estate reopens.
H&M reported sales of SEK28.7bn (£2.45bn) in the three months to May 31, down 50% year on year. While this is a steep decline, it is better than analyst predictions of SEK27.5bn.
The retailer also pointed out that sales during the first two weeks of June had recovered to be down just 30% year on year. During the lockdown period, H&M said its online business grew by around a third.
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