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Industry News | Time: May 27 2020 10:26AM
H&M's sales tumble, stockpiles grow in March to May
 
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H&M, the world’s second-biggest fashion retailer, said local currency sales had tumbled 57% since the start of March compared with a year ago as the Covid-19 pandemic and lockdowns kept most of its stores closed. Online sales grew 32%, it said, covering the trading period from March 1-May 6.

H&M warned on April 3 it would make its first quarterly loss in many decades in March-May, its fiscal second quarter. It has started to gradually reopen stores from late last month but 3,050 or 60% remain temporarily closed. “In those markets that have begun to open up, trade in the stores has initially been muted,” it said.

H&M said its inventories of unsold goods had grown to just above 41 billion Swedish krona (US$ 4.2 billion) at the end of April, from 37.2 billion Swedish krona at the end of February and 40 billion krona a year earlier. It had flagged last month that stocks would temporarily grow due to the sudden drop in demand linked to the pandemic.


Source: TextileExcellence
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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