H&M reported that its sales slumped during the first half of the year as the effects of the pandemic bit, but predicted that a recovery was on the horizon.
In the three months to May 31, sales halved as the fashion retailer was forced to close around 80% of its store estate by mid-April.
H&M also noted that sales from June 1 to June 24 dropped 25% in local currencies year-on-year, indicating a 50% improvement from the second quarter.
Currently 350 of its stores remain closed globally, representing 7% of the total estate, but the Swedish fashion house added that many of those stores which are opened are restricted by local regulations and reduced opening hours.
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