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H&M reports 14 percent sales improvement in Q3

By Prachi Singh

15 Sep 2021

Business

Image: H&M media gallery

Net sales at H&M in local currencies increased by 14 percent in the third quarter of 2021, while converted to SEK, net sales increased by 9 percent to 55,585 million Swedish krona.

The company said in a release that the H&M group’s strong recovery continues with more full-price sales and good cost control. Sales development continued to be affected by the ongoing pandemic, with considerable variation between markets. Lockdowns and restrictions have continued to hamper development, particularly in Asia.

However, the company added that as restrictions have been eased, sales in store have picked up in many markets while online sales have continued to increase. Excluding Asia and Oceania, sales in local currencies were back at the same level as before the pandemic.

At the start of the third quarter around 180 stores were temporarily closed. At the end of the quarter most of the H&M group’s markets still had restrictions resulting in reduced footfall and around 100 of the stores remained temporarily closed.