Low-cost fashion chain H&M sees sales increase after virus
STOCKHOLM (AP) – Low-cost fashion brand Hennes & Mauritz AB said on Thursday its in-store sales rose 14% to 55.6 million crowns ($ 6.3 million) in the third quarter, from 50 , SEK 9million a year ago, as in-store sales began to recover after the pandemic, as restrictions were relaxed in many markets. Online sales rose again, up 22%.
The Stockholm-based retail group said that at the start of the period June 1 to August 1. 31 around 180 stores were temporarily closed and at the end of this period around 100 stores remained closed.
âAs restrictions were relaxed in many markets, in-store sales started to rise again, while online sales continued to grow,â said Helena Helmersson, CEO of H&M.
However, âthe pandemic and its consequences are not yet over, and we are affected by the many challenges in the world around us that affect our business, which require a high level of flexibility and dynamism. “
H & M’s after-tax profit reached SEK 4.7 billion ($ 536 million). A year earlier, he had declared a profit of 1.8 billion crowns.
The group announced that five new H&M markets will be launched in 2022: Ecuador, North Macedonia and Kosovo, and through the franchise in Costa Rica and Cambodia.
Besides H&M, the group’s brands include COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound.
The H&M Group has 53 online marketplaces and approximately 4,850 stores in 75 markets, including franchise markets. It has approximately 153,000 employees.