There have been lot of negative sales trends from various retailers across the globe and now H&M, the Swedish fast fashion giant, too has come with similar results.
The H&M Group’s net sales in the second quarter of 2020 (1 March 2020 to 31 May 2020) have decreased by 50 per cent compared with the corresponding period last year, while its online sales have increased by 36 per cent during the same period.
The company said that the sales development in this period was severely affected by the COVID-19 situation. Here it is imperative to note that the pace of the sales recovery varies at a large extent between markets.
Even in the current month (1–13 June), sale decreased by 30 per cent in local currencies compared with the same period in 2019.