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H&M reduces its sales by 18% in the last fiscal year due to the effects of Covid



Sales of the Swedish fashion chain Hennes and Mauritz (H&M) fell 18% year-on-year, to 187,025 million Swedish crowns (18,288 million euros) recorded in local currencies, in the last fiscal year (December-November) by the effects of the coronavirus pandemic, the company reported on Tuesday.

In the fourth quarter (September-November), the main competitor of the Spanish distribution firm Inditex obtained sales income of 52,543 million crowns (5,138 million euros / 6,203 million dollars), 10% less in local currencies.

"H&M started the year strong with a good evolution before the first wave of covid-19. As a consequence of the broad social restrictions with store closures and a large decrease in customer traffic to establishments, sales fell, especially in the second quarter, "stated in a statement.

The Swedish firm highlighted the recovery recorded in the third quarter, until the beginning of the second wave: from September 1 to October 21, sales fell 3% year-on-year in local currencies; from October 22 to November 30, 22%.

H&M, which in the previous fiscal year experienced a 6% rise in net profit to 13,443 million Swedish crowns (1,270 million euros / 1,533 million dollars), will present its annual result on January 29

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