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Coronavirus: H&M sales tumble

H&M Group’s UK sales fell 60% year on year for the period 1 March to 6 May as a result of the ongoing coronavirus crisis. 

Total sales fell 57%. However, ecommerce sales, which are operating in 46 of the company’s 51 online markets, increased by 32% during the period. 

The group said the second quarter will be loss-making, despite the development of a “range of rapid and forceful measures” to offset the negative sales “being implemented in the areas of purchasing, investments, rents, staffing and financing”. 

The group started gradually reopening stores in several markets in line with local restrictions from the end of April. 

However, 60% of its 5,061 stores are still temporarily closed. 

Costs for markdowns are expected to decrease for the second quarter compared with the previous year. 

The group said its liquidity is “good”.

 

 

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