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H&M’s Q2 sales surge by 75 percent

By Prachi Singh

15 Jun 2021

Business

Image: H&M media gallery

In the second quarter 2021, the H&M group’s net sales increased by 75 percent in local currencies compared with the corresponding period last year. The company said in a release that as a result of the strengthening of the Swedish krona the increase was 62 percent converted to SEK and amounted to 46,509 million Swedish krona.

The company added that sales development was continuously affected by the ongoing pandemic. At the start of the second quarter around 1,300 stores were temporarily closed and the open stores have had restrictions on.

In some of the group’s largest markets such as France and Germany the stores were closed continuously almost throughout the quarter as a consequence of the extended restrictions. At the end of the quarter most of the H&M group’s markets still had restrictions resulting in reduced footfall and around 140 of the stores globally remained temporarily closed.

The company further said that sales in the period June 1 to 13, 2021 increased by 35 percent in local currencies compared with the same period in 2020 and by 2 percent compared with the same period in 2019.

Most markets in the H&M group are still subject to restrictions and on June 13, around 180 stores were temporarily closed; all 50 stores in Malaysia, for example, had to close at the beginning of the month.