In the second quarter 2020, i.e. in the period March 1, 2020 to May 31, 2020, the H&M group’s net sales decreased by 50 %to SEK 28,664* million (57,474) compared with the corresponding period last year. In local currencies net sales decreased by 50 %. Online sales increased by 36 % in SEK and 32 % in local currencies during the same period.
The sales development during the second quarter was severely affected by the Covid-19 situation. In most markets, stores had to be temporarily closed and in the middle of April around 80 %of the group’s stores were temporarily closed.
From the end of April onwards the H&M group started gradually reopening stores in a number of markets. Reopenings in each market are in line with local restrictions. The pace of the sales recovery varies at a large extent between markets. At present approximately 900 stores, representing around 18 %of the group’s 5,058 stores, are still temporarily closed. Online sales are open in 48 of the company’s 51 online markets.
The H&M group’s total sales during the period 1 –June 13, 2020 this year decreased by 30 % in local currencies compared with the same period in 2019.
