World Footwear


H&M reports profit

Jul 8, 2021 Sweden
H&M reports profit
Sweden-based fashion brand Hennes & Mauritz AB announced profit for the second quarter around 3.6 billion Swedish Krona (422 million US dollars), growing by 10 billion Swedish krona (1.2 billion US dollars) from the previous period

Sales for the period run from the 1st of March to the 31st of May increased by 75% compared with the same period a year earlier, when the retailing giant reported a loss of 6.48 billion Swedish krona (760 million US dollars).

“As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores”, commented Helena Helmersson, Chief Executive of the Stockholm-based group.

At the start of the quarter, about 1 300 stores of the group were temporarily closed as a consequence of the pandemic. Last month, the group said that those that remained open faced coronavirus restrictions, including those on opening hours, number of customers allowed and store space.

Besides H&M, the Swedish group also includes brands COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound.

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