Renowned fast fashion retailer H&M today announced its half-yearly results (1 December 2019 – 31 May 2020)!
The net sales were, expectedly, down by 23 per cent, majorly owing to the COVID-19 crisis.
Even sale in recent days (from 1 to –24 June 2020) saw a slump of 25 per cent compared to what it was during the same period the previous year.
As of now, 350 stores of the company (7 per cent of the total stores) are still closed and a large number of stores have local restrictions and limited opening hours. As per the company, a total of 48 of the Group’s 51 online markets are open.
For full year 2020, the pace of closures is being increased and the number of openings has been reduced compared to what was previously planned. In the near future, around 170 store closures and 130 store openings are being planned by the retailer.
“As we have reopened our stores, sales have begun to recover at a faster rate than expected. To meet the rapid changes in customer behaviour caused by COVID-19, we are accelerating our digital development, optimising the store portfolio and further integrating the channels. With our ambitious sustainability work we want to continue to lead fashion retail towards a more sustainable future,” says Helena Helmersson, CEO of the company.
The company also informed that it has plans to establish an EMTN (euro medium-term note) programme in July 2020 to allow the issue of bonds, primarily in EUR and SEK.
It will complement the Group’s long-term financing and is in the way of further diversifying the Group’s sources of financing.
No decision has yet been taken on any issue.