H&M sales plummet between March and May

H&M store

H&M’s global sales for the second quarter of this year have plummeted amid the ongoing coronavirus pandemic.

The Swedish fashion giant’s total sales for the period between March 1 and May 6 decreased by 57% globally when compared with the same period in 2019.

The retailer said that online sales, which are currently available for customers in 46 of the company’s 51 markets, increased by 32% in the same period.

Despite the upturn in ecommerce sales, H&M said that the second quarter of this year will still be loss-making as cuts to operating expenses, such as furloughing staff, withholding store rents and rowing back on buying stock, would not compensate for the “substantial drop in sales”.

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