H&M, the Swedish fast fashion retailer, saw its first quarter sales go down by as much as 27 per cent to £3.37 billion.
That’s less-than-expected sales decline!
The analysts, as per media reports, had forecast a fall of 30 per cent in net sales during the quarter.
And the numbers will only keep improving! The first half of March has already seen sales go up by around 10 per cent – thanks to gradual reopening of stores and COVID-19 relaxations getting relaxed at many places.
Notably, H&M said that the number of its closed stores has now come down to 900 (as on 13 March) with lot of stores reopening in Germany.
However, good increase in H&M’s e-commerce sales wasn’t enough to make up for the losses incurred due to store closures.
The fashion retailer released the numbers much ahead of its full earnings report for Q1, which will be out on 31 March (Wednesday).
Though the real numbers are still couple of weeks away to be published, the retailer, reportedly, predicts loss in the first quarter after 2020 profits went down by a massive 88 per cent.
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