H&M: it’s a drop in the sales decrease in the third quarter, which brings them a profit

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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).

H&M: it's a drop in the sales decrease in the third quarter

H&M

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.

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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.

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Source:  FashionNetwork.com

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