Swedish fashion group loses 18 percent sales in the financial year
The Swedish H&M Group closed the financial year that ended November 30th with a significant drop in sales. The fashion group's sales fell by 18 percent to 187 billion Swedish crowns (18,3 billion euros).
After a strong start to the year, the first wave of the Covid-19 pandemic struck. Extensive social restrictions, which included temporary store closures and a sharp decline in footfall for physical stores, led to a significant decline in sales, particularly in the second quarter. A strong recovery in the third quarter continued for much of the fourth quarter.
Between September 1 and October 21, sales in local currencies fell only 3 percent compared to the same period last year. Between October 22 and November 30, sales fell by 22 percent compared to the same period last year, as the recovery from the second wave of the pandemic entered a new slowdown. Overall, the decline in the fourth quarter was ten percent to 52,5 billion Swedish crowns (5,1 billion euros).
