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H&M sales fall by 21%

Mar 15, 2021 Sweden
H&M sales fall by 21%
In the first quarter of 2021 H&M group’s net sales decreased by 21% in local currencies compared to similar period in the previous fiscal year. The Sweden-based group’s net sales amounted to 40 060 million Swedish Krona in the period
In the period running from the 1st of December 2020 to the 28th of February 2021, the H&M group’s net sales decreased by 21% in local currencies compared with similar period last year. The group’s net sales amounted to 40 060 million Swedish Krona.

According to H&M, sales development was significantly affected by the COVID-19 situation, with extensive restrictions and at most over 1 800 stores temporarily closed. Since the beginning of February, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1 300 stores remained temporarily closed. Online sales have continued to "develop very well".

Source: H&M

With Germany, the H&M group’s largest market, and other countries beginning to allow certain stores to reopen, the number of temporarily closed stores in the group amounted to around 900 on the 13th of March. Sales in the period from the 1st to the 13th of March this year increased by 10% in local currencies compared with the same period in 2020.

Related Organizations

  • Swedish Shoemakers Association

    Swedish Shoemakers Association

    Sweden