With advanced economies getting vaccinated, results are there to be seen!
H&M, the Swedish fashion retailer, has witnessed a sales surge of 75 per cent in its second quarter that ended 31 May 2021 – all thanks to ‘vaccine economy’.
And the good numbers continue in June too!
The fashion giant saw its revenue jump by 35 per cent (in local currencies) between 1 and 14 June 2021, when compared to what it was during the same period in 2020.
What’s notable about the numbers is that when the second quarter had started, around 1,300 stores across H&M’s portfolio were temporarily shut due to pandemic restrictions. And even when the quarter ended, most of H&M’s markets, including France and Germany, still had restrictions.
The retailer has attributed the good first quarter performance to efforts on the part of various Governments to vaccinate the people. As more people are getting vaccinated, markets are opening and H&M’s strong recovery is continuing.
Meanwhile, the 6-month report (1 December 2020 to 31 May 2021) will be published by the retailer on 1 July (Thursday), followed by telephone conference for the financial market and media.
H&M is known for its fast-fashion clothing for men, women, teenagers and children and generated revenue of US $ 24.8 billion in 2019.