H&M says sales up 75% as more people get vaccinated

Business

STOCKHOLM (AP) — Low-cost fashion brand Hennes & Mauritz AB said Tuesday sales had increased 75% in Q2 and early June, affecting both online purchases and physical stores, adding that 1,300 stores were temporarily closed at the start of the period due to the pandemic.

Those who remained open faced coronavirus restrictions, including on opening hours, number of customers and store space, the group said. In Hennes & Mauritz’s large markets, such as France and Germany, stores were closed throughout most of the quarter.

“As more people are vaccinated, a number of markets have gradually allowed stores to reopen and the H&M group’s strong recovery continues,” said the Stockholm-based company, the world’s second biggest fashion retailer that is known for the brand H&M. “This shows that customers appreciate the collections and being able to shop via their preferred channel.”

At the end of the period that ended May 31, 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 retailing company released the figures ahead of its full earnings report for the six-month period, which will be published July 1.

Apart from H&M, the Swedish group also includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound.

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