In the third quarter, sales of the H&M Group had recovered a bit. On Tuesday, the giant of the Swedish retail has informed that from the 1st of June to 31st of August, sales were down 16% in local currency terms compared to the previous year. Translated to the Swedish krona, net sales were down, however, by 19%, reaching a 50,87 billion Swedish crowns (4.8 billion euros to 5.8 billion us dollars).
The sales will continue to reflect as clearly the effects of the multi-Covid-19th and at the beginning of the first quarter, about 900 of the more than 5 million retail stores of the group have been closed on a temporary basis. While many of the others have been opened since then, at the end of the first quarter of 200 were yet to be settled.
But the company is still optimistic, saying that a strong response to its collections, as well as their own, fast-paced action led to the recovery of the group, it was better than I expected, which dampened their losses of the previous ones.
“The more sales, the price in full, together with a strong cost control, has enabled the company to gain a profit in the third quarter,” said the group. The preliminary results showed that profit before tax should be to get to 2 billion sek.
The figures are preliminary, and do not have access to a set of numbers are final up to that company to report its results for the third quarter and nine months, on the 1st of October.