H&M sales halved during lockdown as retailer eyes reopening recovery

H&M

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.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.