H&M’s sales collapsed by more than a half in the three months to May 31, but they have started to improve during the first two weeks of June as more of its international store estate reopens.
H&M reported sales of SEK28.7bn (£2.45bn) in the three months to May 31, down 50% year on year. While this is a steep decline, it is better than analyst predictions of SEK27.5bn.
The retailer also pointed out that sales during the first two weeks of June had recovered to be down just 30% year on year. During the lockdown period, H&M said its online business grew by around a third.
“The pace of the sales recovery varies at a large extent between markets,” H&M said of recovering sales.
The Swedish fashion giant, which operates stores in 74 countries, was forced to close 80% of its store estate during the coronavirus pandemic.
H&M began reopening stores in Europe and elsewhere at the end of April, but stores in England only reopened today. Around 900 of its 5,058 stores remain closed.
Online operations are open in 48 of its 51 markets with online sales up 36% year on year for the second quarter in Swedish krona and 32% in local currencies.
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