H&M bounces back as lockdowns ease: Sales rise as world’s second-biggest clothing retailer reopens hundreds more stores
SALES at H&M rose in the first half of March as coronavirus restrictions started to unwind across Europe.
The world’s second-biggest clothing retailer reopened hundreds more stores, including in its biggest market Germany.
H&M said sales between March 1 and 13 were up 10 per cent, but 900 of its 5,000 stores remained closed, including 300 in the UK where they can reopen from April 12.
Sales up: H&M, the world’s second-biggest clothing retailer reopened hundreds more stores, including in its biggest market Germany
That followed a slump in business over the winter as lockdowns took their toll.
Takings in the three months to the end of February were 27 per cent lower than in the same period a year earlier at £3.4billion.
But this was slightly better than the 30 per cent fall forecast by analysts thanks to its ‘strong’ online trading.
Richard Chamberlain, analyst at investment group RBC, said: ‘We see potential for a strong sales recovery in the remainder of the year.’
Market leader Inditex last week said its sales will bounce back once lockdown is lifted.
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