H&M sales rise despite European closures

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H&M recorded strong sales in the second quarter despite the impact of the pandemic on various markets.

In the second quarter to May 31, H&M reported that sales were up 75% in local currencies across all its markets year on year.

The fashion retailer said that sales were nonetheless consistently affected by the pandemic.

At the beginning of the quarter, 1,300 stores were still temporarily closed due to government restrictions, while others had limits on customer numbers and opening hours.

H&M added that two of the group’s biggest markets – France and Germany – were closed during the majority of the period.

By the end of the quarter, just 140 stores remained closed to the public. The number of closed stores is currently at 180 after all 50 stores in Malaysia were forced to close in June.

H&M said in a statement: “As more people are vaccinated, a number of markets have gradually allowed stores to reopen and the H&M group’s strong recovery continues. Online sales have continued to develop very well, even as the stores have opened.

“This shows that customers appreciate the collections and being able to shop via their preferred channel.”