H&M lags behind Inditex in the race to regain lost sales

Sales at fashion retailer H&M grew less than expected in the three months to the end of August as it struggles to recover post pandemic.
At the start of the third quarter, around 180 stores were temporarily closed.
// H&M net sales still below pre-pandemic levels as it lags behind other retailers
// Sales in local currencies were back at the same level pre-pandemic, excluding Asia and Oceania

Net sales at H&M grew by 14 per cent between June 1 to August 31, compared to the same period last year.

The Swedish retail group, which comprises Cos, & Other Stories, H&M and Weekday, said Covid-19 lockdowns and restrictions have continued to hamper development, particularly in Asia.


READ MORE: Inditex sales & profits hit record highs


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, approximately 180 stores were temporarily closed. Stores that were open have had some restrictions in place, for example, opening hours, number of customers and store space, resulting in reduced footfall and around 100 of the stores remained temporarily closed.

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